If nominal GDP in some year is $3800 and the GDP deflator for the same year is 152, then the real GDP for that year is

Name: If nominal GDP in some year is $3800 and the GDP deflator for the same year is 152, then the real GDP for that year is
Brand: Quizplus
Rating: 5.0 (47 reviews)

Question

Quizplus · Accepted Answer

Real GDP can be calculated by dividing nominal GDP by the GDP deflator and then multiplying by 100.

Real GDP = (Nominal GDP / GDP deflator) x 100
Real GDP = (3800 / 152) x 100
Real GDP = 25 x 100
Real GDP = $2500

If Nominal GDP in Some Year Is $3800 and the GDP