The following table gives nominal GDP and the price index for two years. Find real GDP...
The following table gives nominal GDP and the price index for two years.
Find real GDP in each year, and fill in the table. (Round your answers to two decimal places.)
|
Year |
Nominal GDP |
Price index |
Real GDP |
|
2010 |
5,600 |
110 |
|
|
2011 |
6 ,440 |
118 |
Homework Answers
|
Year |
Nominal GDP |
Price index |
Real GDP calculation |
Real GDP |
|
2010 |
5,600 |
110 |
(5,600/110) * 100 = 5090.91 |
5090.91 |
|
2011 |
6 ,440 |
118 |
(6 ,440/118) * 100 = 5457.63 |
5457.63 |
Formula used in calculation:
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The following table gives nominal GDP and the price index for
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