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Only one Product X is produced in the country. Its output during the years 2012 and 2013 was 100 units and 100 units respectively. The market price of the product during the year was Rs 50 and Rs 55 per units respectively. Calculate the percetage change in real GDP and nominal GDP in year 2013 using 2012 as the base year. |
Answer» SOLUTION : % chage in real `GDP= (Delta" in Real GDP")/("BASE year Real GDP")xx100=500/5000xx100=10%` % change in NOMINAL `GDP=(Delta "in nominal GDP")/("Base year nominal GDP")xx100=1050/5000xx100=21%` |
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