If the nominal gross domestic product (GDP) for a particular year is $4 trillion and the real GDP for that year is $3 trillion, then the GDP price index is 133.3.

Question

Quizplus · Accepted Answer

The GDP price index is calculated by dividing the nominal GDP by the real GDP and multiplying by 100. 
GDP price index = (Nominal GDP/Real GDP) x 100 
= (4 trillion/3 trillion) x 100 
= 133.3 
Therefore, the statement is true.

If the Nominal Gross Domestic Product (GDP) for a Particular