Calculate Economic Growth using the information below. Year Nominal GDP Price Level Index Population 2018 $900 billion 100 18 million 2019 $1,122 billion 110 20 million The real GDP in 2018 was The real GDP in 2019 was The real GDP per person in 2018 was The real GDP per person in 2019 was Economic Growth in 2019 was
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Real GDP is calculated by dividing the nominal GDP by the price level index and multiplying it by 100. For 2018: Real GDP = (Nominal GDP / Price Level Index) * 100 Real GDP = (900 billion / 100) * 100 Real GDP = 900 billion For 2019: Real GDP = (Nominal GDP / Show more…
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