ch06 Measuring National Output and National Income外文翻译.pptVIP

Policy makers not only need good measures of how real output is changing but also good measures of how the overall price level is changing. The GDP deflator is one measure of the overall price level. Nominal versus Real GDP Calculating the GDP Deflator Many structural changes have taken place in the U.S. economy in the last 40 to 50 years. The use of fixed-price weights does not account for the responses in the economy to supply shifts. The fixed-weight procedure ignores the substitution away from goods whose prices are increasing and toward goods whose prices are decreasing or increasing le