In a given year, U.S. nominal GDP was $527 billion and the GDP chain price index for that year is 23.3. Real GDP is:

Name: In a given year, U.S. nominal GDP was $527 billion and the GDP chain price index for that year is 23.3. Real GDP is:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Real GDP can be calculated using the formula:

Real GDP = Nominal GDP / GDP deflator

In this case, the GDP deflator is given as the GDP chain price index, which is 23.3.

Real GDP = 527 billion / 23.3 
Real GDP = 22.62 billion

Therefore, the answer is B.

In a Given Year, U