If nominal GDP was $9,200 billion in Year 1 and $9,420 billion in Year 2 and prices increased from Year 1 to Year 2, then

Question

Quizplus · Accepted Answer

Given only the nominal GDP values and the fact that prices increased from Year 1 to Year 2, we cannot directly calculate the real GDP for either year or the exact value of the GDP deflator without additional information such as the base year or the specific price changes.

If Nominal GDP Was $9,200 Billion in Year 1 and $9,420