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Nana76 [90]
3 years ago
10

Suppose nominal GDP in the base year was $380 million. Five years later, nominal GDP was $480 billion and the GDP price index wa

s 120. Over those five years, real GDP: Group of answer choices increased by $80 billion
Business
1 answer:
Ostrovityanka [42]3 years ago
6 0

Answer: increased by $20 billion

Explanation:

Real GDP is year of interest is:

= (Nominal GDP in year of interest/ GDP Price index in year of interest) * 100

= 480/120 * 100

= $400 billion

Nominal GDP is equal to Real GDP in base year so increase in real GDP is:

= 400 - 380

= $20 billion

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In the aggregate expenditures model if aggregate expenditures equal 800 billion and real GDP equals 600 there is a______________
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