Nominal GDP GDP Deflator Population Year 3 $5,000 125 11 Year 4 $6,600 150 12 1. What is the real GDP per capita in year 3?
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To do this, we use the formula: Real GDP = Nominal GDP / GDP Deflator In year 3, the nominal GDP is $5,000 and the GDP deflator is 125. Plugging these values into the formula, we get: Real GDP = $5,000 / 125 = $40 Show more…
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