Question

Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars, to answer the following questions: Year Nominal GDP Real GDP GDP Deflator 2009 ________ $500 100 2010 $551.2 ________ 106 2011 $600.6 $546 ________ 2012 ________ $600.6 120 What is the value of the gross domestic product (GDP) deflator in 2011

Answer 1

The value of the gross domestic product (GDP) deflator in 2011 based on the given information is 110.

What is the GDP Deflator?

The GDP deflator is a ratio of the Nominal GDP (current year prices) over Real GDP (base year prices).

The GDP deflator is used to measure inflation as it shows the change in the current prices compared to the base year's prices.

The GDP deflator can be computed as Nominal GDP/Real GDP x 100.

Data and Calculations:

Year    Nominal GDP    Real GDP     GDP Deflator

2009                                $500               100

2010          $551.2                                    106

2011         $600.6              $546

2012               ________ $600.6            120

GDP Deflator = Nominal GDP/Real GDP x 100

2011 GDP Deflator = 110 ($600.60/$546 x 100)

Thus, the value of the gross domestic product (GDP) deflator in 2011 based on the given information is 110.

Learn more about the gross domestic product (GDP) deflator at brainly.com/question/13505890

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