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CUET Economics 2025 PYQs13 May Shift 2. Free, no login required.

Macro

past year questions, CUET Economics 2025 13 May Shift 2

National Income

past year questions, Macro, CUET Economics 2025 13 May Shift 2

Medium

The ratio of nominal to real GDP refer to which economic concept?

Solution

✅ Correct Option: 4

Option 1 -> National Product refers to the total value of goods and services produced, not a price ratio.

Option 2 -> Wholesale Price Index measures price changes at wholesale level, not GDP ratio.

Option 3 -> Consumer Price Index measures price changes in consumer goods basket, not GDP ratio.

Option 4 -> GDP deflator is calculated as (Nominal GDP/Real GDP) × 100.

Hence, Option 4: GDP deflator -> The GDP deflator is precisely the ratio of nominal GDP to real GDP, multiplied by 100. It measures the change in prices of all goods and services included in GDP. Nominal GDP reflects current market prices, while Real GDP is adjusted for inflation using base year prices. Their ratio gives us the GDP deflator, which serves as a comprehensive measure of inflation across the entire economy, unlike CPI (which covers only consumer goods) or WPI (which covers only wholesale goods). -> correct

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Choose the correct answer from the options given below :

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Choose the correct statements from the following.

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(C) Consumer Price Index is the index of prices of a given basket of commodity which are bought by the representative consumer

(D) Wholesale Price Index refers to the percentage change in the weighted average price level.

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