If nominal GDP is $12.5 trillion for a given year and the GDP deflator for that year is 111, then real GDP is approximately $11.261 trillion.

Name: If nominal GDP is $12.5 trillion for a given year and the GDP deflator for that year is 111, then real GDP is approximately $11.261 trillion.
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Question

Quizplus · Accepted Answer

Real GDP = Nominal GDP / GDP deflator

Real GDP = $12.5 trillion / 111

Real GDP = $11.261 trillion (rounded to the nearest billion)

If Nominal GDP Is $12