Check sibling questions

Estimate the value of Nominal Gross Domestic Product for a hypothetical economy, the value of Real Gross Domestic Product and Price Index are given as ₹500 crores and 125 respectively.

(3 Marks)

Answer               

Real GDP= Nominal GDP/Price Index × 100

500=Nominal GDP/125×100

=500×125/100=Nominal GDP

Nominal GDP =₹ 625 crores                                                  

 

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.