Nominal GDP Real GDP 2011 $13,195 billion $11,319 billion 2012 $13,841 billion $11,567 billion In 2011,...

Question

Question

Answer 1

Answer #1

The GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year

GDP deflator measures the price inflation in the economy.

It is calculated as: (Nominal GDP/ Real GDP)× 100

Given,

In 2011; Nominal GDP = $13,195 billion

Real GDP = $ 11,319 billion

Therefore, GDP deflator (2011) = (13,195/11,319)×100

= 116.5

Round of value = 117

Given, In 2012;

Nominal GDP: $13,841 billion

Real GDP. : $11,567 billion

Therefore, GDP deflator (2012) = (13,841/11567)×100

= 119.65

Round of value = 120

Answer 2

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