Answered: Why does it give the real GDP in 2011…

Why does it give the real GDP in 2011 whereas the answer calls it the nominal GDP? Also the second answer should be in nominal terms (tenges), no?

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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Why does it give the real GDP in 2011 whereas the answer calls it the nominal GDP? Also the second answer should be in nominal terms (tenges), no?

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Step 1: Define Nominal GDP:-

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Step 2: Compute the Nominal GDP in 2013:-

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Step 3: Compute the GDP deflator in 2013:-

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