Calculate the real GDP in each year, assuming that the nominal GDP was $559 billion in the base year, $577 billion in year one, and $605 billion in year two; and that the price index rose from 100 to 104.5 in the first year, and up to 108.3 in the second year. If the price index 20 years before the base year was 41.2, and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year? Show your work in all cases.© BrainMass Inc. brainmass.com October 24, 2018, 10:27 pm ad1c9bdddf
real GDP = nominal GDP * 100 / price index
Since the price index 20 years before was ...
This solution calculates the real GDP in each year in this case.
Calculating growth rates of real GDP and per-capita real GDP
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Year 1 the population was 300 million, and in year 2 the population was 306 million, what is the growth rate of the per-capita real GDP?View Full Posting Details