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Discuss about real verses nominal gross domestic product.
Real verses Nominal Gross Domestic Product:
Real Gross Domestic Product: the value of the concluding goods and services produced computed by using the prices of some base year.
Nominal Gross Domestic Product: Production valued at recent prices.
Real Gross Domestic Product per capita is a measure of average result per person, but is not by itself a suitable policy goal.
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What factors shift out the PPC and what is the opportunity cost of the economy moving out to get back on the PPC? Explain?
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