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OpenStudy (cassieforlife5):
Help! How to calculate real GDP if nominal GDP is 50 million and inflation is 10%
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OpenStudy (anonymous):
GDP=50,000,000 in current dollars In the past dollars were worth more than current dollars. If inflation has been 10% then: Dollar_Value_Now= 1.1 * Dollar_Value_Then Dollar_Value_Then=Dollar_Value_now / 1.1
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