Differentiate between real and nominal gdp

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Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assume constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate between "real" and "nominal" GDP. This distinction especially becomes important when it comes to comparing the size and growth of the world economies. What would be the problem if we used Nominal GDP as our measure?

Reference no: EM13744077

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