Question

Now suppose there are more goods and services and the economy is now open to trade with other countries. Based on this generated data and since you have already calculated nominal and real GDP, you will now determine the GDP deflator, real per capita GDP, as well as the growth rates in nominal GDP, real GDP, GDP deflator (price level), and real GDP per capita for this simple economy.(Round your answer to two decimal places.)

Answer 1

It should be noted that GDP deflator simply measures the changes in price for goods and services.

What is GDP?

Your information is incomplete as the figures aren't given. Therefore, an overview will be given.

Gross domestic product simply means the total monetary value of the finished goods and services that are produced in a country.

The formula for calculating the GDP deflator will be:

= Nominal GDP/Real GDP × 100

Also, the formula fro calculating real GDP per capita will be:

= Real GDP/Total population

In conclusion, the real GDP is the GDP of a country that has been adjusted for inflation.

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