Question

If you woke up in the morning and found that nominal GDP has doubled overnight .what statistics you need to check before celebrating

Answer 1

nominal GDP can increase because of higher prices or higher output or both while real GDP  increase only because of higher output  at the base prices. we need to check  the  real output statistic. if it increase too, then  the real  growth has taken place.

Answer 2

Answer:

If nominal GDP has suddenly doubled, it is most likely due to an increase in the average

price level. To calculate how much real output (GDP) has changed, the first thing you would

want to check is how much the GDP-deflator has changed. If nominal GDP and the GDPdeflator have both doubled, then real GDP should remain unchanged.