8. When nominal GDP is $900 and the price index is 150, real GDP would equal $60 $135 $600 $1,350 $6,000

Question

8. When nominal GDP is $900 and the price index is 150, real GDP would equal
$60
$135
$600
$1,350
$6,000

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Latifah 5 years 2021-08-13T13:51:04+00:00 1 Answers 43 views 0

Answers ( )

  1. giabao
    0
    2021-08-13T13:52:48+00:00
    Reply

    Answer:

    $600

    Step-by-step explanation:

    Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year


    Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

    Price index measures how prices change over a period of time. It is a measure of inflation

    Real GDP = (nominal / price index) x 100

    ($900 / 150) X 100 = $600

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