Asked by
Dulce Campos
on Nov 16, 2024
Verified
Real GDP is a better gauge of economic well-being than is nominal GDP.
Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation).
Nominal GDP
The market value of all final goods and services produced within a country in a given period, measured using current prices without adjusting for inflation.
- Recognize the distinction between real GDP as an economic well-being measure versus nominal GDP.
Verified Answer
JK
Learning Objectives
- Recognize the distinction between real GDP as an economic well-being measure versus nominal GDP.