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Given the following economic data:

- Consumption is 3.2 trillion
- Government expenditures are 1.2 trillion
- Import spending is 1.8 trillion
- Export spending is 1.9 trillion
- Investment spending is 1.5 trillion

Calculate the nominal GDP.

Answer :

The market value of the final products and services produced in a nation over a specific time frame using prices from that year is known as nominal GDP.

What does nominal GDP mean and how is it determined?

Using the following formula is part of this strategy: GDP Price Deflator multiplied by Real GDP equals Nominal GDP. When comparing GDP from one year to another, economists use the prices of items from the base year as a point of comparison. The GDP price deflator is a measure of this price disparity.

Why is nominal GDP different from real GDP?

Real GDP measures the entire value of goods and services by computing quantities at constant, inflation-adjusted prices. As contrast to nominal GDP, which does not take inflation into account.

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