Table 4.12
-Refer to Table 4.12.Consider the data shown above on nominal GDP and real GDP (values are in billions of dollars).The base year used in calculating real GDP is

Question

Table 4.12 
-Refer to Table 4.12.Consider the data shown above on nominal GDP and real GDP (values are in billions of dollars).The base year used in calculating real GDP is

Quizplus · Accepted Answer

The base year for calculating real GDP is the year in which the nominal GDP equals the real GDP, indicating that the prices used to value the GDP are from that same year. In the provided options, 2013 is the correct answer because it would be the year where nominal and real GDP figures match, as per the standard approach to identifying the base year in GDP calculations.

Table 4.12 -Refer to Table 4.12.Consider the Data Shown Above on Nominal