Thank you for visiting In the economy of Wrexington in 2008 real GDP was 5 trillion and nominal GDP was 10 trillion What was Wrexington s GDP deflator in. 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 :
In the given scenario, the GDP deflator for Wrexington in 2008 is 200.
The GDP deflator is a measure of price level changes in an economy. It is calculated by dividing the nominal GDP by the real GDP and multiplying by 100.
In this case, the nominal GDP in 2008 was $10 trillion and the real GDP was $5 trillion. To find the GDP deflator, we divide the nominal GDP by the real GDP and multiply by 100:
GDP deflator = (Nominal GDP / Real GDP) * 100
Substituting the given values, we have:
GDP deflator = ($10 trillion / $5 trillion) * 100
Simplifying the expression, we get:
GDP deflator = 2 * 100 = 200
Therefore, the GDP deflator in 2008 for Wrexington was 200. However, none of the provided answer options matches this result.
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