Thank you for visiting Assume that in the year 2010 the US nominal GDP was 15 trillion while the GDP deflator was 200 Calculate the US real GDP for. 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 :
Assuming that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200, then, the US Real GDP for 2010 will equals to $7.5 trillion
What is a Real GDP?
This refers to an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year which is expressed in base-year prices and often referred to as constant-price GDP, inflation-corrected GDP etc.
To calculate out Real GDP. We are using this formula "Real GDP=Nominal GDP/GDP deflator×100"
Where: Nominal GDP=$15 trillion, GDP deflator=200
Real GDP = $15 trillion/200 × 100
Real GDP = $7.5 trillion
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