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Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
For scale, the federal budget deficit in 2018 was 3.9% GDP and was expected to rise towards 5% GDP over the next decade. [111] An analysis by the think tank Tax Foundation found that Warren's proposal would reduce long-term GDP by 0.37% and raise $2.2 trillion over a period of ten years, after factoring in macroeconomic feedback effects.
Real GDP can be used to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change. The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate.
Board of Inland Revenue v Haddock (also known as the negotiable cow) is a fictitious legal case written by the humorist A. P. Herbert for Punch magazine as part of his series of Misleading Cases in the Common Law. It was first published in book form in More Misleading Cases in the Common Law (Methuen, 1930). [1] The case evolved into an urban ...
Replace "number of people buying ice cream" with "number of people exposed to chemical X", and "number of people who drown" with "number of people who get cancer", and many people will believe you. In such a situation, there may be a statistical correlation even if there is no real effect.
A Chinese economist said China's official GDP figures may be higher than actual numbers. He said China's GDP is likely to grow between 3% and 4% in the next three to five years.
In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." [4] The European Union has adopted a similar definition.
An example of a Countryball featuring a Polish Countryball. The flipped flag is intentional. Countryballs, also known as Polandball, [a] is a geopolitical satirical art style, genre, and Internet meme, predominantly used in online comics strips in which countries or political entities are personified as balls [b] with eyes, decorated with their national flags.