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    would anyone be able to help me answer these questions please?


    Suggest suitable adjustments to nominal GDP to compare:
    (i) growth between periods.

    (ii) standard of living over time.

    (iii) standard of living between countries.
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    (Original post by powderpuffgirl)
    would anyone be able to help me answer these questions please?


    Suggest suitable adjustments to nominal GDP to compare:
    (i) growth between periods.

    (ii) standard of living over time.

    (iii) standard of living between countries.
    This could be a long long list. So here's a wee hint to get the grey cells pointing in the correct direction.
    Population. Inflation. Black economy. Are all obvious.
    Then more subtle things like the relative value of the same product. E.g. in 1938 a flight from a to b cost a months wages. In 1998 the same flight cost one days wages. Unless you adjust you see GDP fall although the same product was consumed.
 
 
 
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