Explain How the Difference Between Nominal and Real Gross Domestic

question 159

Essay

Explain how the difference between nominal and real gross domestic product (GDP)arises,and draw a graph to illustrate the difference between them.

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Definitions:

Large Families

Households with a significantly higher number of members than the average family size, often including multiple generations or many siblings.

Environmental Justice

The fair treatment and meaningful involvement of all people regardless of race, color, national origin, or income with respect to the development, implementation, and enforcement of environmental laws, regulations, and policies.

Modern Environmental Movement

A diverse scientific, social, and political movement for addressing environmental issues and promoting sustainability.

Exxon Valdez

An oil tanker whose 1989 spill off the coast of Alaska is considered one of the worst environmental disasters, resulting in massive oil pollution.