Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and 2019.  Then explain the diffrences between RGDP and Nominal GDP.                                                                                                       Year 2017 Base year price index=10 Output=4 million Year 2018 Current year price index=20 Output=6 million Year 2019 Current year price index= 25 Output= 8 million

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Chapter23: Measuring A Nation's Income
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Q3) Refer to the information provided in Table below Find the nominal and real GDP in 2017, 2018 and 2019.  Then explain the diffrences between RGDP and Nominal GDP.                                                                                                      

Year 2017

Base year price index=10

Output=4 million

Year 2018

Current year price index=20

Output=6 million

Year 2019

Current year price index= 25

Output= 8 million

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