Resume Assignment
February 14, 2021KM Strategies and Cyber Security; Protecting Your Integrated Knowledge Management Cycle
February 14, 2021Nominal and Real GDP
Assignment can be started and draft saved to finish and submit later in the Text Submission box. Or, a Word document attachment uploaded when ready to submit. Do not submit your answer in the Comment box.Use your own words. Do not copy/paste your homework. Assignment will be checked for plagiarism.
Read pages 557, 559, and 560 in Chapter 25 in your textbook (20th edition). Watch videos in links below
Nominal versus Real GDP
GDP Deflator
Answer all three components below.
1) Contrast the ideas of nominal GDP and real GDP.
2) Why is one more reliable than the other for comparing changes in the standard of living over several years?
3) What is the GDP price index and what is its role in differentiating nominal GDP and real GDP?
DUE: January 21 (midnight)