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Calculating real vs nominal GDP. Nominal GDP = â ptqt. where p refers to price, q is quantity, and t indicates the year in question (usually the current year). However, it can be misleading to do an apples-to-apples comparison of a GDP of $1 trillion in 2008 with a GDP of $200 billion in 1990.
If I am right (I sudied electricity engineering), a nominal value is a value such that the device works in ideal conditions; it was designed with the nominal value in mind. For example, a transformer was built for the nominal tension 380 V, nominal frequency 50 Hz; the actual values can be imposed externally. A rated value is some intrinsic property that you measure. At the given nominal tension and frequency, the transformer has a rated impedance of 1 Kilo Ohms.