Answer:
Given, Real Gross Domestic Product =Rs. 3,000, and Price Index =175 We know that, \[Price\text{ }Index=\frac{No\min al\,\,GDP}{\operatorname{Re}al\,\,GDP}\times 100\] \[\Rightarrow \] \[175=\frac{No\operatorname{minal}\,GDP}{3,000}\times 100\] \[\Rightarrow \] \[Nominal\,\,GDP=175\times 30\] = Rs. 5,250 The price index of 175 indicates that as compared to the base year, the prices have increased by 75%. in current year
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