MacroEcon homework question

[WombRaider]

Screenshot of the question

The formula I've found is:

GDP deflator = (Nominal GDP / Real GDP) x 100

I know how to get the Nominal GDP but how do I get the Real GDP and GDP deflator?

 

[hdeck]

google is your friend

http://www.sparknotes.com/econ...asuring1/section1.html

 

[WombRaider]

Originally posted by: hdeck
google is your friend

http://www.sparknotes.com/econ...asuring1/section1.html

Thanks, I found the answer. Basically to calculate real GDP, multiply current quantity with base price.

 

[ric1287]

ah how i hated econ. Probably why i only went to clas 2x each semester