A tour of the book - Aggregate output - Nominal and real GDP
3 important questions on A tour of the book - Aggregate output - Nominal and real GDP
What is nominal GDP?
Nominal GDP is the sum of the quantities of final goods produced multiplied by their current price.
What are synonyms for nominal GDP and how do we denote(=duiden) it?
Nominal GDP is also called dollar GDP or GDP in current euros.
Nominal GDP and variables measured in current dollars will be denoted by a euro sign in front of them—for example,
What are synonyms for real GDP and how do we denote(=duiden) it?
Real GDP is also called GDP in terms of goods, GDP in constant euros, GDP adjusted for inflation, or GDP in 2000 euros.
GDP will refer to real GDP, and
year t.
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