What would the real GDP be in this word problem?
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The nominal GDP in year 1 is 1000, and the GDP Price Deflator (a price index) is 100. Calculate the real GDP in year 1. what i did was: 100=(1000/x)*100 100=(100000/x) 100000=100x x=1000 im basing this off the equation: GDP Deflator=(nominal gdp/real gdp)*100
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Answer:
I do it like this 1000/1=1000 =real GDP Or based on your formula, 100=1000/1000 x 100. u r doing great.
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