Economy, asked by Manroopkaur15, 10 months ago

Hello everyone....

What is static GDP? What is the relationship between static GDP and excess AD ?

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Answered by Anonymous

Explanation:

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Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices, and is often referred to as "constant-price," "inflation-corrected" GDP, or "constant dollar GDP." Unlike nominal GDP, real GDP ...

Above full employment equilibrium is a macroeconomic term used to describe a situation in which an economy's real gross domestic product (GDP) is higher than usual. This, in turn, means it is in excess of its long-run potential level.

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Answered by halamadrid

A macroeconomic statistic called Static GDP (Gross Domestic Product) or Real GDP estimates the value of the products and services generated by an economy in a particular period of time after accounting for inflation. In simple terms, it calculates a nation's overall economic production after accounting for price changes.

The relationship between static GDP and excess AD is written as follows:

There are four elements that make up Aggregate Demand (AD) and they are consumption, investment, government spending, and net exports. Increasing any of these elements causes the AD curve to move to the right, which boosts real GDP and puts pressure on the price level to rise. Any element of reduction causes the AD curve to shift to the left, lowering the price level and real GDP as a result.

Additional Information:

A country's GDP, or gross domestic product, is a measurement of the size of its economy based on the monetary worth of all of the finished products and services produced there over a given time period.
The entire amount of money spent on those finished goods and services at a certain price point and time frame is referred to as Aggregate Demand.
Both of these measures are used in macroeconomics.

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What is static GDP? What is the relationship between static GDP and excess AD ?