Thank you for visiting Suppose nominal GDP is estimated to be 5 trillion and the GDP deflator is 150 Given these numbers what is real GDP Select one A. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Suppose nominal GDP is estimated to be $5 trillion, and the GDP deflator is 150. Given these numbers, real GDP is c. $3.33 trillion.
Real gross domestic product (GDP) is a measure of an economy's output of all products and services over the course of a year, adjusted for inflation. Base-year prices are used to express real GDP. It is also known as GDP in constant prices, GDP that has been adjusted for inflation, and GDP in constant dollars.
Simply expressed, real GDP corrects for price fluctuations and estimates the total economic production of a nation. Real GDP is a macroeconomic metric that accounts for inflation and quantifies the worth of the products and services generated by an economy over a given time period.
Real GDP = nominal GDP / GDP deflator * 100
= 5/150 * 100
= 100/ 30
= 10/3
= 3.33
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