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hy do economists use resl GDP rather than nominal GDP to gauge economic well-being?
yes
Personal income is equal to the money an individual makes in a year. Personal income is usually derived from jobs or investments.
Because output generates income.
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.
37,000 acres is equal to about 57.8 square miles.
hy do economists use resl GDP rather than nominal GDP to gauge economic well-being?
yes
That would do it for me, but unfortunately for me my net income is equal to my gross income minus taxes.
There are 10000 millimetres in one decametre. Therefore, 3.7 decametres is equal to 3.7 x 10000 = 37000 millimetres.
There are 1000 milligrams in one gram. Therefore, 37 grams is equal to 37 x 1000 = 37000 milligrams.
Personal income is equal to the money an individual makes in a year. Personal income is usually derived from jobs or investments.
One kilogram is equal to approximately 2.2 pounds.
Real GDP
It can mean many things depending on the context. With respect to mortgage interest, your effective (net) interest rate will be nominal rate (quoted rate) less tax savings you can achieve when itemizing deductions on your 1040. net interest rate = nominal rate - (nominal rate * your income marginal tax rate) or net interest rate = nominal rate * (100% - your marginal income tax rate) It will be analogical calculation with respect to corporate bonds or treasury bonds, since interest on them is taxable on federal level. But here you will be worse off, not better off, since you will be making less due to taxes. For municipal bonds, which are exempt from federal income taxes - your nominal coupon interest will be equal to your net coupon interest when analyzing federal tax implications. I am pretty sure the term Net Interest can be used in many more situations.
I believe so. Net Income is equal to the income that a firm has after subtracting costs and expenses from the total revenue.
Approximately equal.