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# GDP and Price Index

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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?

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#### 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

## Equation Solution for Calculating GDP, Price Index and Nominal

Equation Solution

Use the information given in the table below to answer questions 4(a) and 4(b)

(See attachment for table)

(a) Calculate the real GDP for the years 1996, 1997, and 1999.

(b) Calculate the price index for 1998 and the nominal GDP for 2000.

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