Thank you for visiting If the nominal GDP is 20 trillion what is the real GDP if the current CPI is 104 A 20 8 trillion B 20 00. 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 :
Final answer:
The real GDP, given a nominal GDP of $20 trillion and a current CPI of 104, is approximately $19.23 trillion.
Explanation:
To calculate the real GDP, we need to adjust the nominal GDP using the CPI. The formula for calculating real GDP is:
Real GDP = Nominal GDP / (CPI / 100)
In this case, the nominal GDP is $20 trillion and the current CPI is 104. Let's substitute these values into the formula:
Real GDP = $20 trillion / (104 / 100)
Simplifying the expression:
Real GDP = $20 trillion / 1.04
Calculating the division:
Real GDP ≈ $19.23 trillion
Therefore, the real GDP, given a nominal GDP of $20 trillion and a current CPI of 104, is approximately $19.23 trillion.
Learn more about calculating real gdp using cpi here:
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