If the price level is 100 for 2019 and the price level is 108.5 in 2020, a nominal GDP in 2020 of $20,100 billion would mean that real GDP in 2020 (in 2019 prices) would be closest to $201 billion. $18,525 billion. $185 billion. $20,100 billion.

If the price level is 100 for 2019 and the price level is 108.5 in 2020, a nominal GDP in 2020 of $20,100 billion would mean that real GDP in 2020 (in 2019 prices) would be closest to $201 billion. $18,525 billion. $185 billion. $20,100 billion.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If the price level is 100 for 2019 and the price level is 108.5 in 2020, a nominal GDP in 2020 of
$20,100 billion would mean that real GDP in 2020 (in 2019 prices) would be closest to
$201 billion.
$18,525 billion.
$185 billion.
$20,100 billion.

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