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23 December, 14:05

1. assume that nominal gdp for 2012 was $700b with a price index of 110 (using 2004 as the base year). what is the real gdp for 2012?

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  1. 23 December, 17:01
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    real GDP = nominal GDP / price index

    real GDP (2012) = $700 b / 1.1 = $636.36 b
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