Explain Why Real Gross Domestic Product (GDP)is Preferred to Nominal

question 35

Essay

Explain why real gross domestic product (GDP)is preferred to nominal GDP as a measure of economic growth.

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Definitions:

Constitution

The basic rules or longstanding traditions that dictate how a state or another entity is regulated.

Amendments

Formal alterations or additions made to the U.S. Constitution, requiring a rigorous ratification process to become part of the document.

Successful Amendments

Changes or additions to a legal document or constitution that have been accepted and implemented.

Economic Equality

A principle aiming for balanced distribution of wealth and opportunities among all individuals in a society, reducing the gap between the rich and the poor.