Question
If the value of nominal GDP is 5500 and of real GDP is 2200, what is the value of GDP Deflator?
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This question was previously asked in
Shift 28/05/2023 3:30 PM - 6:30 PM
A
0.4
B
2.50
C
1.75
D
2.25
Correct Answer
2.50
Detailed Explanation
The GDP price deflator measures the changes in prices for all the goods and services produced in an economy
To calculate the GDP deflator, you can use the formula:
GDP Deflator = (Nominal GDP / Real GDP) * 100
Given the values:
Nominal GDP = 5500 Real GDP = 2200
Now, plug these values into the formula:
GDP Deflator = (5500 / 2200) * 100 = 250
So, the value of the GDP Deflator is 250. Therefore, the correct option is (2) 2.50.
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