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19 November, 10:46

If the price index in a country were 100 for the year 2010 and 120 for the year 2015 and nominal gross domestic product in 2015 was $480 billion, then real gross domestic product for 2015 in 2010 dollars would be:

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  1. 19 November, 13:05
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    The real GDP is $400

    Explanation:

    The real GDP is the nominal GDP adjusted by inflation. Since the price index is 120 vs 100 from the base year, we have a 20% of inflation, then the real GDP will be = $480/1,20 = $400
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