Contrast the ideas of nominal gdp and real gdp

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Contrast the ideas of nominal GDP and real GDP. Why is one more reliable than the other for comparing changes in the standard of living over a series of years? Apply the concept of a price index to comparing the rise and fall of gas prices over a several years. How have you looked at changes in gas prices in the past, in a nominal or a real manner?

Reference no: EM13996204

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