Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.  Calculate the US Real GDP for 2010. $30 trillion $300 trillion $7.5 trillion $0.75 trillion

Macroeconomics
13th Edition
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
icon
Related questions
Question
Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200.  Calculate the US Real GDP for 2010.

$30 trillion
$300 trillion
$7.5 trillion
$0.75 trillion
Expert Solution
Step 1

Nominal GDP is the GDP that is unadjusted for inflation.

Real GDP is the GDP that is adjusted for inflation.

US Nominal GDP in 2010 = $15 trillion

GDP deflator = 200

 

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Components of GDP
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Survey of Economics (MindTap Course List)
Survey of Economics (MindTap Course List)
Economics
ISBN:
9781305260948
Author:
Irvin B. Tucker
Publisher:
Cengage Learning
Macroeconomics: Principles and Policy (MindTap Co…
Macroeconomics: Principles and Policy (MindTap Co…
Economics
ISBN:
9781305280601
Author:
William J. Baumol, Alan S. Blinder
Publisher:
Cengage Learning