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1 year ago

If real gdp in a year was $3,668 billion and the price index was 112, then nominal gdp in that year was approximately

Business

1 answer:

xenn [34]1 year ago

6 0

The nominal GDP in that year will be $4018 billion.

<h3>What is Nominal GDP?</h3>

Nominal gross domestic product is GDP calculated using the most recent market prices. GDP measures the monetary worth of all the goods and services a nation produces. Nominal GDP differs from real GDP in that it considers inflation, which represents how quickly prices are rising in an economy.
The monetary worth of the products and services produced is the standard way to calculate GDP.
Nominal GDP can overstate the growth rate because it does not account for the rate of price increases when comparing one period to another.
Growing pricing rather than increasing the number of goods and services produced may cause nominal GDP growth from year to year.
Nominal GDP is the starting point, whereas real GDP includes price changes.

we know that

Nominal GDP = Real GDP × Price index

Nominal GDP = $3668 × .112

Nominal GDP = $4018

hence, the nominal GDP in that year will be $4018 billion.

To learn more about Nominal GDP with the given link

brainly.com/question/15171681

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