Nominal GDP Real GDP 2011 $13,495 billion $11,919 billion 2012 $14,241 billion $12,007 billion In 2011,...

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Nominal GDP Real GDP 2011 $13,495 billion $11,919 billion 2012 $14,241 billion $12,007 billion In 2011, the value of the GDP

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Answer 1

Answer #1

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GDP deflator measures the price level in an economy. It can be calculated using the below formula:

GDP Deflator = (Nominal GDP / Real GDP) * 100

GDP Deflator 2011 = { Nominal GDP (2011) / Real GDP (2011) } * 100

GDP Deflator 2011 = (13,495 / 11,919) * 100 = 113.22

Value of GDP Deflator in 2011 = 113.22

GDP Deflator 2012 = { Nominal GDP (2012) / Real GDP (2012) } * 100

GDP Deflator 2012 = (14,241 / 12,007) * 100 = 118.60

Value of GDP Deflator in 2012 = 118.60

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Answer 2

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