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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.
When you know that a measure is nominal (like the one just described), then you know that the numerical values are just short codes for the longer names. Second, knowing the level of measurement helps you decide what statistical analysis is appropriate on the values that were assigned.