Difference between gdp-nominal gdp

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Reference no: EM131069531

GDP Short Answer:

Visit the Web site for The CIA Factbook. Research two countries - the United States and any another country (your choice.) Compare and contrast the GDP per capita for the United States and the other country. You can access more information for a country by clicking on the country name. (hint: reviewing the economy section would be helpful for this assignment.) Answer the following five questions:

1. What is the difference between GDP, nominal GDP, Real GDP, GDP per worker and GDP per capita?

2. What were your reason for selecting the other country?

3. Which country has a higher standard of living? Use some of the data from the economics section to support your answer.

4. Has the standard of living increased or decreased in the United States recently? Explain.

5. Has the standard of living increased or decreased in the other country? Explain.

Reference no: EM131069531

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