Does a 10 percent rise in real gdp in a given year means that people on a average is 10 percent better off as compared to the last year. Why or why not . Give reason
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apna no de do uske baad answer de dunga
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An increase in nominal GDP may just mean prices have increased, while an increase in real GDP definitely means output increased. ... With this index, changes in the average price level (inflation or deflation) can be calculated between years.
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