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Answer :
Final answer:
To find the nominal GDP, divide the real GDP by the GDP price index, resulting in 6.80 trillion, hence the correct answer is C) 6.80 trillion.
Explanation:
The nominal gross domestic product (GDP) represents the total value of goods and services produced within a country's borders during a specific period, measured using current prices. It is calculated by multiplying the real GDP by the GDP price index, also known as the GDP deflator.
Given:
Real GDP = $5 trillion
GDP Price Index = 136
To find the nominal GDP, we multiply the real GDP by the GDP price index
Nominal GDP = Real GDP × GDP Price Index
Nominal GDP = $5 trillion × 136
Nominal GDP = $680 trillion
Therefore, the nominal gross domestic product for the particular year is $6.80 trillion. This reflects the total value of goods and services produced at current prices.
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