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YouTubeEconbusters
How to Convert Nominal GDP to Real GDP Using a Price Index
In this video, I’ll show you step-by-step how to convert NGDP to RGDP using a Price Index. You’ll learn: What Nominal GDP and Real GDP really mean What do Price Indices do and what do they communicate How to go from NGDP → RGDP (and back) with a simple formula Common mistakes students make and how to avoid them This is a key concept in AP ...
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