Explore BrainMass
Share

Explore BrainMass

    GDP and Price Index

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the prise index is 105 in 1993, and real growth in 1994 is 3 percent, what is the price index in 1994?

    © BrainMass Inc. brainmass.com October 9, 2019, 6:25 pm ad1c9bdddf
    https://brainmass.com/economics/macroeconomics/gdp-and-price-index-87626

    Solution Preview

    Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the prise index is 105 in 1993, and real growth in 1994 is 3 percent, ...

    Solution Summary

    The solution calculates Price index given nominal GDP figures for 3 years and Price index and real growth for 1 year

    $2.19