Ask Question
14 January, 08:53

If the price index in a country were 100 for the year 2010 and 120 for the year 2015 and nominal gross domestic product in 2015 was $480 billion, then real gross domestic product for 2015 in 2010 dollars would be:

+4
Answers (1)
  1. 14 January, 09:07
    0
    The real GDP is $400

    Explanation:

    The real GDP is the nominal GDP adjusted by inflation. Since the price index is 120 vs 100 from the base year, we have a 20% of inflation, then the real GDP will be = $480/1,20 = $400
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the price index in a country were 100 for the year 2010 and 120 for the year 2015 and nominal gross domestic product in 2015 was $480 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers