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Gdp a better measurement than nominal gdp

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Reference no: EM131557744

If we want to measure an economy's output, why is real GDP a better measurement than nominal GDP?

Nominal GDP in 2016 is 540. Real GDP in 2016 is 450. Find the GDP deflator.

What is one limitation of using GDP as a measure of economic well-being?

Reference no: EM131557744

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