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The nominal gross domestic product increased by 250 billion from 250 billion to 500 billion.
What is meant by Nominal Gross Domestic Product?
The value of all finished goods and services at the going rate is the nominal gross domestic output (GDP). In other words, it is the GDP computed using the most recent prices on the market.
A nation's nominal gross domestic product (nominal GDP) is the sum of the market values of all the products and services produced during a specific time period in that nation's economy. Nominal GDP is not modified to account for price fluctuations brought on by inflation and deflation, in contrast to other GDP metrics.
It is the total worth of all things and services produced over a specific time period less the value of those who worked on those goods and services. Nominal GDP is a measurement of economic output in an economy that takes into account current prices.
Money Supply × Velocity = Nominal GDP
$100Billion × 2.5 = $250Billion
$200Billion × 2.5 = $500Billion
Therefore, nominal gross domestic product increased by 250 billion from 250 billion to 500 billion.
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