Chapter 14 Econ
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What instrument do we use to calculate real GDP
Implicit GDP price deflator
Real GDP is typically smaller than nominal GDP because of
Inflation
What is the largest component of GDP
consumption
What do we call the curve that shows the quantity of all goods and services that households demand in a country
Aggregate
relationship between a countries standard of living and it economic output can be described as
Directly related
The primary measure of a countries development is
Per capita gross domestic product
Real GDP per capita is the preferred measure of economic growth over the long run because
Prices and population change over time
What do we call a measurement like GDP that has been adjusted for inflation
Real GDP
