What is the difference between real and nominal GDP?

There are 2 discussion questions. Write a 250 word response for each one and the responses must include biblical integration.

Discussion 1.)

What is the difference between real and nominal GDP? If the president of the United States (or your instructor) asked you to evaluate the economy over the past five years, which one would you use and why?
Discussion 2.)

Virtually all economists and policymakers agree that, within limits, higher employment is better. If this is true, couldn’t the government create more employment by hiring people to dig holes and fill them in again? Is this good economic policy?

 

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