In one-year nominal GDP was $286 billion and the price index was 88.Real GDP in that year was:
A)$252 billion.
B)$325 billion.
C)$308 billion.
D)$262 billion.

Name: In one-year nominal GDP was $286 billion and the price index was 88.Real GDP in that year was: A)$252 billion. B)$325 billion. C)$308 billion. D)$262 billion.
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Quizplus · Accepted Answer

Real GDP is calculated by dividing nominal GDP by the price index (in decimal form). So, $286 billion / 0.88 = $325 billion.

In One-Year Nominal GDP Was $286 Billion and the Price