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Explain about the nominal Gross domestic product
It isn't very common to use CPI in construction of real GDP. The reason is that CPI measures the price evolution of consumer goods whereas GDP includes investment goods and consumer goods. Rather, it is common to use a GDP deflator as a price index. GDP deflator measures the price evolution of a basket whose composition is close to composition of GDP. Difference between the GDP deflator and the CPI is fairly small however. To avoid confusion, GDP that is not adjusted for inflation is often called nominal GDP.
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factor for long run trend of term of trade
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Suppose the price elasticity of demand for used cars is estimated to be 3 what does this mean?
The Government, Rest of the World and the financial markets Total expenditure of the government may be divided into two parts: transfers to the private sector and consumpti
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