CBSE 2023 Class 12 Economics Delhi Set 2

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Question : 1
Total: 3
SECTION-A
(Macro Economics)

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.
Solution:  
 Year  OutputProduced(units)  CurrentYearPrices  Nominal GDP= Currentyear output ×Current year prices  Real DGP = Current year output × Base year price
 2018  100  50  100×50=5000  100×50=5000
 2019  120  60  120×60=7200  120×50=6000
Change in Real GDP =60005000=1000
% Change in Real GDP =
Change in Real GDP
Initial Real GDP
×100

=
1000
5000
×100
=10%
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