In an economy, the real GDP in year 1 (the base year) was $15,000 billion. In year 2, the total expenditure for the same market basket of goods(nominal GDP) was $15,500 billion. What was the GDP price index for the economy in year 2? A. 103 B. 120 C. 110 D. 100
In an economy, the real GDP in year 1 (the base year) was $15,000 billion. In year 2, the total expenditure for the same market basket of goods(nominal GDP) was $15,500 billion. What was the GDP price index for the economy in year 2? A. 103 B. 120 C. 110 D. 100
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
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In an economy, the real
A. 103
B. 120
C. 110
D. 100
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