The geographical areas used for establishing the AMI are either Metropolitan Statistical Areas (MSAâs) or counties. Keyport is in the Monmouth County, NJ MSA. The 2015 Area Median Income for a family of four in Keyport is $91,700. The income limits used for Section 8, public housing, Low Income Housing Tax Credits. the HOME program and other Federal programs all are derived from the HUD defined AMI.
Real GDP refers to the inflation-adjusted dollar value of the goods and services produced during a designated period. Inflation is a rise in prices. In real GDP, we factor the effect of inflation into the GDP calculation so we can compare GDP over time. Nominal GDP doesn't account for inflation. If we wanted to compare our hypothetical country's economy in 2000 and 2008, comparing a nominal GDP of $10.00 in 2000 to a nominal GDP of $25.38 doesn't really tell us what we want to know.
Nominal GDP is a misleading measure of the standard of living. Because we produced the same 100 bags of flour each year, we would say that real GDP--the physical production of goods--was exactly the same as last year. To arrive at real GDP, we adjust nominal GDP for price changes.DP per capita is the usual measure of the standard of living. GDP is usually measured in dollars. Although the Japanese might measure their GDP in yen, we would convert their GDP to dollars in order to compare it to ours.