Question : If the Real Gross Domestic Product is INR 250 and the Price Index (base = 100) is 120, calculate the Nominal Gross Domestic Product.
Option 1: INR 300
Option 2: INR 350
Option 3: INR 320
Option 4: INR 400
Answer (1)
21st Jan, 2024
Correct Answer: INR 300
Solution : The correct answer is (a) INR 300
To calculate the Nominal Gross Domestic Product (GDP) using the Real GDP and Price Index, we can use the following formula:
Nominal GDP = Real GDP * Price Index / 100
Real GDP = INR 250
Price Index = 120
Nominal GDP = 250 * 120 / 100
Nominal GDP = INR 300
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