If the price level is 100 for 2005 and the price level is 106.5 in 2007,a nominal GDP in 2007 of $15,600 billion would mean that real GDP in 2007 (in 2005 prices)would be closest to

Name: If the price level is 100 for 2005 and the price level is 106.5 in 2007,a nominal GDP in 2007 of $15,600 billion would mean that real GDP in 2007 (in 2005 prices)would be closest to
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Quizplus · Accepted Answer

Real GDP = Nominal GDP x (Price level in base year / Price level in current year)= 15,600 x (100 / 106.5)= 14,647.9 billion

If the Price Level Is 100 for 2005 and the Price