Question

If real GDP in a year was $4,268 billion and the price index was 142, then nominal GDP in that year was approximately Multiple Choice $3,925 billion. $4,379 billion. $3,846 billion. $6,061 billion.

          If real GDP in a year was $4,268 billion and the price index was 142, then nominal GDP in that year was approximately
Multiple Choice
$3,925 billion.
$4,379 billion.
$3,846 billion.
$6,061 billion.

Added by Christopher N.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Joram Herman

03/16/2022

Step 1

Step 1: Calculate the nominal GDP using the formula: Nominal GDP = Real GDP * Price Index Nominal GDP = $4,268 billion * 142 Nominal GDP = $605,656 billion Show more…

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If real GDP in a year was $4,268 billion and the price index was 142 , then nominal GDP in that year was approximately Multiple Choice $3,925 billion. $4,379 billion. $3,846 billion. $6,061 billion. Prev 36 of 40 Next If real GDP in a year was $4,268 billion and the price index was 142,then nominal GDP in that year was approximately Multiple Choice $3,925 billion. $4,379billion $3,846 billion. $6,061billion. <Prev 36 of 40 Next> "tv 00 4 DII Fa 4D F3 F4 F6 F7 F9 F10 # 3 $ 4 % 5 ^ 6 & 7 8 9 0 E R U 0 P