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Contrast the ideas of nominal GDP and real GDP. Explain in detail. Why is one more reliable than theother for comparing changes in the standard

Contrast the ideas of nominal GDP and real GDP. Explain in detail.Why is one more reliable than theother for comparing changes in the standard of living over a series of years? Explain use examples.What is theGDP price index and what is its role in differentiating nominal GDP and real GDP?

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