2. Nominal GDP values goods and services at current prices. Real GDP values goods and services at...

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2. Nominal GDP values goods and services at current prices. Real GDP values goods and services at constant prices. Real GDP rises only when the amount of goods and services has increased, whereas nominal GDP can rise either because output has increased or because prices have increased.

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Macroeconomics

ISBN: 9780716752370

5th Edition

Authors: N. Gregory Mankiw

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