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21 September, 17:55

Suppose that in 2018, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product (GDP) price index was 200.0. What is Chiconia's real Gross Domestic Product (GDP) in 2018?

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  1. 21 September, 18:00
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    Chiconia's real Gross Domestic Product (GDP) in 2018 is 0.05 Trillion or $ 50 billions

    Explanation:

    Real Domestic Product is GDP adjusted by price levels and can be found as:

    Real GDP = Nominal GDP / Price Index

    so in this case

    Real GDP = $10 trillion / 200 = 0.05 Trillion or $ 50 billions

    GDP is a measure of the monetary value of the production an economy that can be large either by an increase in production or in the prices you are selling. Real GDP always makes that adjustment.
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Home » Business » Suppose that in 2018, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product (GDP) price index was 200.0. What is Chiconia's real Gross Domestic Product (GDP) in 2018?
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