Nominal and Real GDP

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Read pages 557, 559, and 560 in Chapter 25 in your textbook (20th edition). Watch videos in links below
Nominal versus Real GDP

GDP Deflator

Answer all three components below.
1) Contrast the ideas of nominal GDP and real GDP.
2) Why is one more reliable than the other for comparing changes in the standard of living over several years?
3) What is the GDP price index and what is its role in differentiating nominal GDP and real GDP?
DUE: January 21 (midnight)