Question

Only one product X is produced in the economy.it’s output during the year 2018 and 2019 was 200 and 220 units respectively.The market price of the product was ₹100 and ₹110 per unit respectively. Calculate the real GDP and nominal GDP in the year 2019 using 2018 as the base year. Also calculate percentage change in real GDP(4 m)

Answer 1

Answer:

chage in real GDP=Δ in Real GDPBase year Real GDP×100=5005000×100=10%

% change in nominal GDP=Δin nominal GDPBase year nominal GDP×100=10505000×100=21%

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