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Answer :
Final answer:
The correct option is a. $3.8 trillion. Real GDP for 2010 is calculated using the formula: real GDP = nominal GDP / (GDP deflator / 100). With a nominal GDP of $4.5 trillion and a GDP deflator of 118, the real GDP is approximately $3.8 trillion (answer a).
Explanation:
The correct option is a. $3.8 trillion. The student has asked about calculating real GDP based on nominal GDP and the GDP deflator for a specific year. To calculate real GDP, we use the formula: real GDP = nominal GDP / (GDP deflator / 100).
Given that nominal GDP is $4.5 trillion in 2010 and the GDP deflator for that year is 118, we can calculate the real GDP for 2010 as follows: Real GDP in 2010 = $4.5 trillion / (118 / 100) = $4.5 trillion / 1.18 = approx. $3.81 trillion. The closest answer to $3.81 trillion from the given options is a. $3.8 trillion.
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Final answer:
The real GDP for 2010 is calculated using the formula real GDP = nominal GDP / (GDP deflator / 100), yielding approximately $3.8 trillion when the nominal GDP is $4.5 trillion and the GDP deflator is 118.
Explanation:
The student's question revolves around calculating the real GDP for a given year when the nominal GDP and the GDP deflator are known. The formula to calculate real GDP is real GDP = nominal GDP / (GDP deflator / 100). In this case, for the year 2010, the nominal GDP is $4.5 trillion and the GDP deflator is 118. The real GDP is therefore calculated as:
Real GDP in 2010 = $4.5 trillion / (118 / 100) = $4.5 trillion / 1.18 = $3.81 trillion (approximately).
Based on this calculation, the closest answer is (a) $3.8 trillion.
