Homework Answers
To obtain the real GDP, calculate the Nominal GDP of year 2. This is done using the formula
Nominal GDP of year 2 = Sum of (current year price * Current year quantity) = (137.5*3)+(750*90) = 412.5 + 67500 = $67,912.50
Now, Real GDP would be = Sum of (base year price * Current year quantity) = (137.5*2)+(750*45) = 275 + 33,750 =
$34,025
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