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The GDP deflator is used to calculate real GDP and inflation rates by adjusting nominal GDP for changes in prices.
The GDP deflator is used to calculate real GDP from nominal GDP and inflation rates show the change in the GDP deflator from one year to the next.
The GDP deflator measures the level of prices of all final goods and services produced in an economy compared to a base year. It is calculated by dividing the nominal GDP by the real GDP and multiplying by 100.
CHAPTER SUMMARY • The overall level of prices can be measured by either: • the Consumer Price Index (CPI), the price of a fixed basket of goods purchased by the typical consumer, or • the GDP deflator, the ratio of nominal to real GDP • The unemployment rate is the fraction of the labor force that is not employed.
There are two ways that GDP can increase: An increase in the PRICES of goods and services. An increase in the QUANTITY of goods and services. We need a method to calculate GDP that addresses rising prices
GDP Deflator - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. This document discusses how to calculate nominal GDP, real GDP, and the GDP deflator to account for inflation.
This slide shows step by step process which can be used to calculate inflation rate by using GDP deflator. It includes stages such as select year, calculate nominal and real GPD, calculate GDP deflator and interpret results.
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What is the GDP price index (also known as the GDP deflator or the Implicit Price Deflator)? What is the difference between nominal GDP and real GDP?
GDP deflator and CPI are both used to measure inflation in an economy. GDP deflator measures the price changes of all goods and services produced in the economy, while CPI measures the price changes of goods and services purchased by households.