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What is nominal GDP?
Nominal GDP is GDP evaluated at current market prices. Therefore, nominal GDP will include all of the changes in market prices that have occurred during the current year due to inflation or deflation.
Why is nominal GDP not a good measure?
The problem comes when you're comparing GDP across different time periods. Nominal GDP includes “growth” in the value of output due to inflation as well as production
What is the between nominal and real GDP?
Nominal GDP is the sum-total of the economic output produced in a year valued at the current market price. Real GDP is the sum-total of the economic output produced in a year values at a pre-determined base market price.
How is nominal GDP related to gross national income?
The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents
What is the meaning of GNI?
Gross national income (GNI) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.
How is inflation affected by high GDP growth?
Higher production leads to a lower unemployment rate, further fueling demand. Increased wages lead to higher demand as consumers spend more freely. This leads to higher GDP combined with inflation.
What is the relationship between inflation and unemployment?
The Phillips curve argues that unemployment and inflation are inversely related: as levels of unemployment decrease, inflation increases.

Question: What is frictional unemployment and why is it important
Self-contained rewrite: What is frictional unemployment and why is it important?