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5 Cards in this Set

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What two things does GDP measure?
GDP measures the total income in the economy and the total expenditure in the economy ( these are equal ).
What is the definition of GDP?
GDP is the market value of all final goods and services produced within a country in a given period of time.
What is the formula for GDP?
Y=C+I+G+NX
What is the GDP deflator.
The GDP deflator for a year is the nominal GDP for that year divided by the real GDP for that year( times 100 )
What is the difference between the real and nominal GDP.
The real GDP is calculated using prices for a base year.