|Date:||November 2, 2013|
|Length:||3 / 763|
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To calculate real GDP you must begin by using constant or a base price. Nominal GDP would be using current year's quantities by current year's prices. This is an example of nominal GDP.
Yr 2004 nominal GDP = (100 CDs * 20) + (200 tennis racquets * 110) = $22,200.00
Yr 2005 nominal GDP = (120 CDs * 22) + (210 tennis racquets * 120) = $27,840...
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By what percent did GDP grow?
To calculate real GDP you multiply the quantity by the price for each good or service and add them together, with a base year. For this example we will use prices from 2004 as a base. Example ( quantity * price ) + ( quantity * price ) = GDP
Year 2004 real GDP = (100 CDs * 20) + (200 Tennis Racquets * 110) = $22,200...
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