The first piece of information that will help to convert nominal dollars to constant dollars is by multiplying quantities of goods and services in an economy at a particular period with their selling price. A gross domestic product deflator enables economists to estimate average costs in an economy to establish how they are likely to be after inflationary computations have been performed. Therefore, such approaches help in establishing whether higher prices for products and services affect nominal gross domestic product in an economy.
The second approach involves dividing the nominal gross domestic product with the price index to assess the value of constant dollars at a particular period. The price index is divided by 100 to make it relevant to the information being gathered regarding a particular period. As a result, it allows economists to establish whether standards of living in a particular region have improved within a specified period and specific remedies to change the situation.
The third step involves assessing the real growth rate from a particular period to find out whether such changes have improved the quality of products that are consumed and sold in a particular location. Therefore, the approach allows economists to find out if there have been tangible economic improvements within a particular society over several decades.
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