Question:
The value of Nominal GDP is $1100 and the value of Real GDP is $1000. Find the value of GDP deflator.
The value of Nominal GDP is $1100 and the value of Real GDP is $1000. Find the value of GDP deflator.
Updated On: Oct 29, 2024
- 0.9
- 1.1
- 1
- 0.8
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The Correct Option is B
Solution and Explanation
The GDP deflator is calculated as Nominal GDP/Real GDP = \(\frac{1100}{1000} = 1.1\).
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