Question: If the nominal GDP is $559 billion in the base year, and it rises to 577 in Year 1, and 605 in Year 2, what
If the nominal GDP is $559 billion in the base year, and it rises to 577 in Year 1, and 605 in Year 2, what is the real GDP in each year, given that the price index has risen from 100 to 104.5 in the first year and up to 108.3 in the second year? If the price index 20 years before the base year was 41.2, and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year?
Step by Step Solution
3.43 Rating (166 Votes )
There are 3 Steps involved in it
Computation of the Real GDP for that year Formula Real GDP nominal GDP 100 price ... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
68-B-E-M-E (429).docx
120 KBs Word File
