Asked by
Haleigh Trotter
on Nov 16, 2024
Verified
The GDP deflator can be used to take inflation out of nominal GDP.
GDP Deflator
The GDP deflator is an economic metric that converts output measured at current prices into constant-dollar GDP.
Nominal GDP
Gross Domestic Product measured at current market prices without adjustment for inflation.
Inflation
The rate of elevation in the uniform prices of goods and services, undermining the capability to buy more.
- Understand the concept and application of the GDP deflator in economics.
- Differentiate between nominal and real GDP.
Verified Answer
JH
Learning Objectives
- Understand the concept and application of the GDP deflator in economics.
- Differentiate between nominal and real GDP.
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