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.
Yes. GDP is a measure of growth. As long as the real GDP is growing, and not just the nominal, it means we are good, because there is no severe inflation. Our economy should ideally be growing at a rate of 2.5-3% Yes, it IS good if the real GDP for one year (one country) is bigger than the previous year's.