Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.

-Real GDP can be calculated as:
A) (nominal GDP * the GDP deflator) * 100.
B) (nominal GDP √ the GDP deflator) * 100.
C) (nominal GDP - the GDP deflator) * 100.
D) (the GDP deflator √ nominal GD
P) * 100.
E) (nominal GDP * the long-run trend growth rate of GD
P) * 100.

Question

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.
 
-Real GDP can be calculated as:
A) (nominal GDP * the GDP deflator) * 100. 
B) (nominal GDP √ the GDP deflator) * 100. 
C) (nominal GDP - the GDP deflator) * 100. 
D) (the GDP deflator √ nominal GD
P) * 100. 
E) (nominal GDP * the long-run trend growth rate of GD
P) * 100.

Quizplus · Accepted Answer

The Answer of Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.
 
-Real GDP can be calculated as:
A) (nominal GDP * the GDP deflator) * 100. 
B) (nominal GDP √ the GDP deflator) * 100. 
C) (nominal GDP - the GDP deflator) * 100. 
D) (the GDP deflator √ nominal GD
P) * 100. 
E) (nominal GDP * the long-run trend growth rate of GD
P) * 100.

Consider the Following Data That Gives the Quantity Produced and Unit