If a nation's nominal GDP is $3,257 million and its price level is 132, then its real GDP is

Name: If a nation's nominal GDP is $3,257 million and its price level is 132, then its real GDP is
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Quizplus · Accepted Answer

Real GDP is calculated by dividing nominal GDP by the price level (in terms of base year prices), and multiplying it by 100.
Real GDP = (Nominal GDP ÷ Price level) x 100
Real GDP = (3257 ÷ 132) x 100
Real GDP = 24.67 billion (rounded to the nearest hundredth) or $2467.42 million. Option D is the correct answer.

If a Nation's Nominal GDP Is $3,257 Million and Its