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Kazeer [188]
3 years ago
5

Give an example to describe the difference between Nominal and Real GDP.

History
1 answer:
Fed [463]3 years ago
4 0

Answer:

Nominal GDP is the GDP without the effects of inflation or deflation whereas you can arrive at Real GDP, only after giving effects of inflation or deflation.

Explanation:

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The counting system was so simple.  The Mayans figured out a genius system of counting which only required three symbols, a dot, a line, and a shell.  These three symbols could be used in various combinations to keep track of the calendar and do arithmetic.  Even the most uneducated people could use it to do basic trade.

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