Macro

National Income

Easy

Consider the following data:

Nominal GDP : 1900

Real GDP : 1300

What is the GDP deflator in the above conditions ?

1.405

1.046

1.45

1.46

✅ Correct Option: 4

Option 1: 1.405 -> Incorrect calculation of the ratio.

Option 2: 1.046 -> This would result from dividing Real GDP by Nominal GDP incorrectly.

Option 3: 1.45 -> Close but rounded down too early.

Option 4: 1.46 -> Correct ratio of Nominal GDP to Real GDP.

Hence, Option 4: 1.46 -> The GDP deflator is calculated as (Nominal GDP / Real GDP). Using the given values: 1900 / 1300 = 1.4615, which rounds to 1.46. The GDP deflator measures the price level of all domestically produced final goods and services in an economy, showing how much prices have changed from the base year. -> correct

2023: 29 May Shift 2

When value of final goods and services are estimate at current price it is?

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Match List-I with List-II

List–I	List–II
(A) Gross Domestic Product at Market Prices (GDPₘₚ)	(I) All the economic output produced by a nation’s normal residents, whether they are located within the national boundary or abroad.
(B) Net Domestic Product at Market Prices (NDPcₘₚ)	(II) Sum of income earned by all factors in the production in the form of wages, profits, rent and interest, etc., belonging to a country during a year.
(C) Gross National Product at Market Prices (GNPₘₚ)	(III) All production done by the national residents or the non-residents in a country gets included, regardless of whether that production is owned by a local company or a foreign entity.
(D) National Income (NI)	(IV) Income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country.

Choose the correct answer from the options given below: |

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Consider the following data: Nominal GDP : 1900 Real GDP : 1300 What is the GDP deflator in the above conditions ?

Solution

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CUET Economics Past Year Questions (Topic-Wise)

Consider the following data:

Nominal GDP : 1900

Real GDP : 1300

What is the GDP deflator in the above conditions ?