If for a given year nominal GDP is $2,000 billion and real GDP is $1,500 billion,then the GDP price index is

Name: If for a given year nominal GDP is $2,000 billion and real GDP is $1,500 billion,then the GDP price index is
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Quizplus · Accepted Answer

The GDP price index, also known as the GDP deflator, is calculated by dividing nominal GDP by real GDP and multiplying by 100. Therefore, GDP price index = (Nominal GDP/Real GDP) x 100 = (2000/1500) x 100 = 133.

If for a Given Year Nominal GDP Is $2,000 Billion