Assignment: Gross Domestic Product
• Complete the Gross Domestic Product worksheet
• Write a 500-word response to the following: Explain the difference between nominal and real GDP and why real GDP is necessary to compare prior years' data.
• Format your paper using the West Writing Style Handbook.
• Submit your work via My Assignments.
IMPORTANT: When calculating the Per Person column, use the national population figure of 309 million. And remember, that is 309,000,000.
The paper should address the following aspects:
• Definitions of real and nominal GDP.
• Discussion of the differences between real and nominal GDP measurements.
• Explain why the real GDP measure is necessary for historical comparisons.
• Is GDP a good measure of economic well-being? Why or why not