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SECTION-A
Suppose only one Good 'X ' 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 per unit respectively.
Calculate the percentage change in Real Gross Domestic Product (GDP) in year 2019, using 2018 as the base year.
(Macro Economics)
Suppose only one Good '
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 | Real DGP = Current year output |
---|---|---|---|---|
2018 | 100 | 50 | | |
2019 | 120 | 60 | | |
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