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What is potential GDP?
The level of real GDP in the long run is called Potential GDP.
GDP that is measured in unchanging prices is called?
Real GDP.
What is GDP expressed in constant or unchanging prices called?
real GDP
What has been adjusted to remove inflation is called nominal GDP?
A gross domestic product (GDP) value that is at face value and has not been adjusted in any way, for inflation or any other reason, is known as a "nominal GDP." It is sometimes also called a "current dollar GDP."
What is the difference between GDP ndp and gnp?
whatever product is produced and sales in our country that is called GDP,selling tothe othe country that is called GNP
How do you calculate nominal GDP at market price?
Nominal GDP is GDP evaluated at current market prices. Therefore , nominal GDP wil include of the changes in market prices that have occurred during the current year due to inflation or deflation. Nominal GDP= GDP deflator.real GDP/100 Real GDP is GDP evaluate at the market price of some base year. GDP deflator --- Using the statistics on real GDP and nominal GDP, one can calculate an implecit index of the price level for the year. This index is called GDP deflator. GDP deflator = nominal GDP/real GDP .100 The GDP deflator can be viewed as a conversion factor that transform real GDP into nominal GDP. Note that in the base year, real GDP is by definition equal to nominal GDP so that the GDP deflator in the base year equal to 100.
What is the stage in a business cycle called when real GDP stops falling?
When the GDP stops falling, the business cycle is a trough.
What is the stage in business cycle called when real GDP stops falling?
When the GDP stops falling, the business cycle is a trough.
What is it called when GDP figures decline but prices rise?
stagflation
What is the GDP gap?
A GDP gap is the difference between actual GDP and potential GDP. The calculation of the GDP gap is actual output minus potential output. If this calculation yields a positive number it is called an inflationary gap and indicates the increased growth of aggregate demand is outpacing the growth of aggregate supply which may possibly create inflation. If the calculation yields a negative number it is called a recessionary gap- possible signifying deflation.
The phase of the business cycle in which real GDP declines is called?
recession
What is an indicator that reaches a peak before GDP called?
a leading indicator
