Explore BrainMass
Share

GDP and Price Index

This content was STOLEN from BrainMass.com - View the original, and get the 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 September 22, 2018, 7:02 am 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