If the nominal GDP was reported at $196.3 billion and real GDP was reported at $193.4 billion, what was the inflation rate for the period?

Name: If the nominal GDP was reported at $196.3 billion and real GDP was reported at $193.4 billion, what was the inflation rate for the period?
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Question

Quizplus · Accepted Answer

The inflation rate is calculated as (Nominal GDP - Real GDP) / Real GDP * 100. In this case, the inflation rate is (196.3 - 193.4) / 193.4 * 100 = 1.50%.

If the Nominal GDP Was Reported at $196