Economics · National Income Accounting
Identify the mathematically true statement relating Real GDP, Nominal GDP, and Price Index (expressed as a percentage, where Price Index = (Nominal GDP / Real GDP) × 100).
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1If real GDP is 240 and price index is 120, nominal GDP is 288.✓
- 2If real GDP is 500 and price index is 200, nominal GDP is 700.
- 3If real GDP is 500 and price index is 200, nominal GDP is 250.
- 4If real GDP is 240 and price index is 120, nominal GDP is 200.
Correct answer
If real GDP is 240 and price index is 120, nominal GDP is 288.
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