Refer to Table 23-8. In 2012, nominal GDP is a. $191.50, and real GDP is $170. b. $157, and real GDP is $170. c. $191.50, and real GDP is $157. d. $170, and real GDP is $227.50.
a) $191.50, and real GDP is $170
b) $157, and real GDP is $170
c) $191.50, and real GDP is $157
d) $170, and real GDP is $227.50
Answer: Ans is A
nominal GDP is the value of final goods and services produced and valued at the market price m
Nominal GDP=P*Q of 2012=2.5*15+22*7=37.5+154=191.5
Real GDP is the value of goods and service but valued at some base year prices=15*2+7*20=30+140=170
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