Test Index

CBSE 2023 Class 12 Economics Delhi Set 2

© examsnet.com
Question : 1 of 3
Marks: +1, -0
SECTION-A
(Macro Economics)
Suppose only one Good ' XX ' is produced in the country. Output of 'Good X' during 2018 & 2019 were 100 units & 120 units respectively. The market price of the product during the two years was ₹50&₹60\text{₹} 50 \& \text{₹} 60 per unit respectively.
Calculate the percentage change in Real Gross Domestic Product (GDP) in year 2019, using 2018 as the base year.
Solution:  
 Year  OutputProduced(units)  CurrentYearPrices  Nominal GDP= Currentyear output ×\timesCurrent year prices  Real DGP = Current year output ×\times Base year price
 2018  100  50  100×50=5000100 \times 50 = 5000  100×50=5000100 \times 50 = 5000
 2019  120  60  120×60=7200120 \times 60 = 7200  120×50=6000120 \times 50 = 6000
Change in Real GDP =6000−5000=1000=6000-5000=1000
%   Change in Real GDP     \% \;\text{ Change in Real GDP }\;\; =     Change in Real GDP      Initial Real GDP   ×100=\;\frac{\;\text{ Change in Real GDP }\;}{\;\text{ Initial Real GDP }\;} \times 100
  =  10005000×100=10%\;=\;\frac{1000}{5000} \times 100 = 10 \%
© examsnet.com
Go to Question:
Next Question