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make this longer The government uses real and nominal GDP. Real GDP: to calculate if the given economy year is producing more output with its
make this longer The government uses real and nominal GDP. Real GDP: to calculate if the given economy year is producing more output with its changing prices. Nominal GDP: calculates the output of a given year with the current prices. Calculation: Real: uses one year for a base year to calculate output of the year due to changing prices. Nominal: production of products of output prices added together = output of the year
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