In 2010, nominal GDP was $14.6 trillion and the GDP deflator was 110.6. What was real...

Question

Question

In 2010, nominal GDP was $14.6 trillion and the GDP deflator was 110.6. What was real GDP for that year?
1. A) $16.1 trillion
2. B) $14.3 trillion
3. C) $13.2 trillion
4. D) $12.1 trillion

business economics

Answer 1

Answer #1

In 2010, nominal GDP was $14.6 trillion and the GDP deflator was 110.6. What was real GDP for that year?

Nominal GDP was $14.6 trillion

GDP deflator was 110.6

Real GDP = (Nominal GDP ÷ GDP Deflator)*100

Real GDP = ($14.6 trillion ÷ 110.6)*100

Real GDP = $13.2 trillion

Answer – C) $13.2 trillion

Answer 2

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