Ask Question
BusinessBusiness
25 May, 09:16

Suppose that in 2018, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product (GDP) price index was 200.0. What is Chiconia's real Gross Domestic Product (GDP) in 2018?

+1
Answers (1)
  1. 25 May, 12:55
    0
    Chiconia's real Gross Domestic Product (GDP) in 2018 is 0.05 Trillion or $ 50 billions

    Explanation:

    Real Domestic Product is GDP adjusted by price levels and can be found as:

    Real GDP = Nominal GDP / Price Index

    so in this case

    Real GDP = $10 trillion / 200 = 0.05 Trillion or $ 50 billions

    GDP is a measure of the monetary value of the production an economy that can be large either by an increase in production or in the prices you are selling. Real GDP always makes that adjustment.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Suppose that in 2018, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
he Commonwealth Government has announced a $550 million Treasury bond issue by competitive tender. The 10-year bonds have a fixed coupon of 6.0% per annum.
Answers (1)
Using normal costing, which of the following is false about actual overhead? Select one:a. It is separated into many smaller accounts, such as indirect labor, supplies, etc. b. None of these. c.
Answers (1)
Pratt, an owner of an appliance store, has a garage sale at his home where he sells old furniture and books. He sells a set of books to his neighbor, Stacey. Pratt is considered a merchant under Article 2 of the UCC in selling the books to Stacey.
Answers (1)
If productive efficiency characterizes a market A. the output is being produced at the lowest possible cost. B. firms use the best technology available to produce the good. C. firms produce the goods that consumers desire most. D.
Answers (1)
Timbuk 3 Company has the following information for March: Cost of direct materials used in production $37,000 Direct labor 50,000 Factory overhead 29,000 Work in process inventory, March 1 30,000 Work in process inventory, March 31 37,960 Finished
Answers (1)
New Questions in Business
The cost of plant in use with Hand Sanitizer Ltd (Hand Sanitizer), a manufacturing firm on 1 st April 2018 was GH₵375,000 against which the accumulated depreciation stood at GH₵157,500 on that date.
Answers (1)
Which of the following is an example of a sunk cost? A) the electricity purchased by a horse breeder B) the $100,000 a shoe factory will pay for the leather it uses to make shoes C) the $6,000 Tommy's insurance company pays him after an accident D)
Answers (1)
If the fed wishes to increase the money supply then it should: increase the required reserve ratio. increase the discount rate. buy government securities on the open market. do any of the above.
Answers (1)
Cullumber Company expects to have a cash balance of $87,400 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $134,900, February $277,400. 2.
Answers (1)
Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits? a. Use source documents to determine accounts affected by the transaction. b. Preparing a trial balance. c.
Answers (1)
Home » Business » Suppose that in 2018, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product (GDP) price index was 200.0. What is Chiconia's real Gross Domestic Product (GDP) in 2018?
Sign Up Forgot Password?