Exam questions first prelim ECON 102 - Cornell University
Nominal GDP in current prices amounted to RUR21.665 trillion (approx. USD770.45bn), up 27.38 percent from 2004. Explain (briefly) the difference between nominal and real GDP in a few sentences. (2 points) Answer: nominal GDP is GDP measured in current dollars – all components of the GDP valued at their current prices. ................
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