uppose that for the United States, Nominal GDP is $18 trillion for 2016. Assume further that the price of a market basket in 2018 is $3,200 whereas the same market basket in the year 2000 fetched a price of $2,000. If the year 2000 is the base year, what is Real GDP in 2016 (rounded to the nearest trillion)? A) $40.9 B)$28.8 C)$11.25 D)$7
uppose that for the United States, Nominal GDP is $18 trillion for 2016. Assume further that the price of a market basket in 2018 is $3,200 whereas the same market basket in the year 2000 fetched a price of $2,000. If the year 2000 is the base year, what is Real GDP in 2016 (rounded to the nearest trillion)? A) $40.9 B)$28.8 C)$11.25 D)$7
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
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Suppose that for the United States, Nominal GDP is $18 trillion for 2016. Assume further that the price of a market basket in 2018 is $3,200 whereas the same market basket in the year 2000 fetched a price of $2,000. If the year 2000 is the base year, what is Real GDP in 2016 (rounded to the nearest trillion)?
A) $40.9
B)$28.8
C)$11.25
D)$7
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