If a nation's nominal GDP is $3,257 million and its price level is 110, then its real GDP is
A) $1960.9 million.
B) $24.67 million.
C) $2960.9 million.
D) $2467.42 million.

Name: If a nation's nominal GDP is $3,257 million and its price level is 110, then its real GDP is A) $1960.9 million. B) $24.67 million. C) $2960.9 million. D) $2467.42 million.
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Question

Quizplus · Accepted Answer

To calculate real GDP, we use the formula: Real GDP = Nominal GDP / Price level
Real GDP = $3,257 million / 1.10 = $2,960.9 million

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