Difference between nominal gdp and real gdp

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1) What happens to the size of the income flow when leakages are larger than injections, and injections are larger than leakages?

2) Explain three ways that GDP can be measured. Why do they give rise to the same result?

3) Explain the difference between nominal GDP and real GDP

4) Why is it important to use real values when making comparisons over time

5) With reference to Green GDP, explain some reasons why GDP per capita or GNI per capita may be inappropriate as the basis for making comparisons of a society's standards of living over time, or for comparisons of standards of living between countries.

6) Is green GDP likely to be higher or lower than conventionally measured GDP

7) Define exchange rates and use a diagram to show what would happen to the Euro if demand for euro falls

8) How would you define labour productivity

Reference no: EM132479191

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