ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If Nominal GDP was $36, 000 and the GDP deflator was 120. Real GDP is
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$43, 200
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$28, 800
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$7200
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None of the above
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Explanation:
Detailed explanation-1: -Divide the nominal GDP by the GDP deflator and multiply by 100. This will give you the real GDP.
Detailed explanation-2: -GDP Deflator = (Nominal GDP ÷ Real GDP) × 100 Where: Nominal GDP → The value of the goods and services produced within an economy produced before any adjustments for inflation. Real GDP → The value of the goods and services produced within an economy after adjusting for inflation.
Detailed explanation-3: -When Nominal Gross Domestic Product is 840 crores and price index is 120, then the Real Gross Domestic Prwill be: b. 900 crores.
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