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Natural Gas: Nominal GDP vs. Real GDP - Essay Example

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Following the definition of Nominal GDP and Real GDP by Frank and Bernanke (2013), nominal GDP refers to the market value of all final products and services within a specified geographical region in most cases a country, while the Real GDP is used as a macroeconomic measure of a…
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Natural Gas: Nominal GDP vs. Real GDP
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Natural Gas: Nominal GDP vs. Real GDP

Download file to see previous pages... Some of the factors affecting the price are inflation, demand and supply, and taxation. Among these factors, demand and supply is international issues, as well as inflation; therefore we can confidently conclude that natural gas should be measured in real GDP. This will enhance accuracy and reliable calculation of the GDP. If we value natural gas in nominal GDP, we will be using a wrong figure as natural gas is highly affected by international markets of other related products such as oil.
Another reason why I propose that we should value it under real GDP is that USA does produce natural gas. This means that it depends on gas produced by other nation, which is purchased under international terms and conditions governing the production and sale of petroleum products; US does not dictate the price, but purchases in using prevailing prices. This proves that it is under real GDP because of price ...Download file to see next pagesRead More
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