in 1990, US nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP in 1996 dollars is approximately:

Question

in 1990, US nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP in 1996 dollars is approximately:

Answer 1

To calculate the real GDP in 1996 dollars, you need to adjust the nominal GDP figure for inflation using the GDP chain price index. The formula to calculate real GDP is as follows:

Real GDP = (Nominal GDP / GDP Chain Price Index) * 100

Now let's plug in the given values into the formula:

Nominal GDP in 1990 = $5,744 billion
GDP Chain Price Index = 93.6

Real GDP = (5,744 / 93.6) * 100

Now, let's do the calculation:

Real GDP = 61,397.4

Therefore, the real GDP in 1996 dollars is approximately $61,397.4 billion.

in 1990, US nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP in 1996 dollars is approximately:

5376

To calculate the real GDP in 1996 dollars, you need to adjust the nominal GDP figure for inflation using the GDP chain price index. The formula to calculate real GDP is as follows: