Real and Nominal GDP
-Based on the table "Real and Nominal GDP," if year one is the base year,then the real GDP in year three,is ________.
A)7200
B)8250
C)1050
D)7500
E)none of the above

Question

Real and Nominal GDP 
-Based on the table "Real and Nominal GDP," if year one is the base year,then the real GDP in year three,is ________.
A)7200 
B)8250 
C)1050 
D)7500 
E)none of the above

Quizplus · Accepted Answer

Real GDP is calculated using the prices from the base year. If year one is the base year, the real GDP in year three would be calculated using year one's prices, which matches the value of 7200.