Data Exercise #1 Assignment
Instructions
Read the attached Assignment instructions.There are 2 parts to this project. a total of 3 pages of writing with attached diagrams.
Answer
Data Exercise #1 AssignmentPart 1 The nominal GDP was $21,3339.10 billion a value higher than the real GDP, which was at $19,023 billion. This means that the nominal GPD was higher by $2,316.10 billion. This difference is accounted for by the factor of inflation in the nominal GDP as it gives monetary value with respect to the current prices which are affected by inflation. The real GDP, however, gives an index that is free of inflation and thus the prices adopted in real GDP calculation is lower as inflation is generally positive for many countries. Both statistics are however important in examining the gross domestic product of a country.A number of categories make up the GDP of a country. Such components include consumption, investment, net exports as well as purchases. Out of these com...
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