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Suppose that in 2018, nominal Gross Domestic Product (GDP) for the economy of Chiconia was $10 trillion and the Gross Domestic Product (GDP) price index was 200.0. What is Chiconia's real Gross Domestic Product (GDP) in 2018?

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jscuervo1992

Answer:

Chiconia's real Gross Domestic Product (GDP) in 2018 is 0.05 Trillion or $ 50 billions

Explanation:

Real Domestic Product is GDP adjusted by price levels and can be found as:

Real GDP = Nominal GDP / Price Index

so in this case

Real GDP = $10 trillion  / 200 = 0.05 Trillion or $ 50 billions

GDP is a measure of the monetary value of the production an economy that can be large either by an increase in production or in the prices you are selling . Real GDP always makes that adjustment.

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