If nominal GDP was $11,500 billion in 2003 and the price level in 2003 was 111.6,then real GDP would have been approximately

Name: If nominal GDP was $11,500 billion in 2003 and the price level in 2003 was 111.6,then real GDP would have been approximately
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Real GDP is calculated by dividing nominal GDP by the price level (in index form) and then multiplying by 100. So, $11,500 billion / 111.6 * 100 = $10,305 billion.

If Nominal GDP Was $11,500 Billion in 2003 and the Price