If nominal GDP rises from $2,000 to $3,000 while CPI rises from 1 to 1.2 in the same period, find the percentage change in real GDP. Group of answer choices Real GDP increased by 20%. Real GDP increase by 25%. Real GDP increase by 50%. Real GDP did not change.

If nominal GDP rises from $2,000 to $3,000 while CPI rises from 1 to 1.2 in the same period, find the percentage change in real GDP. Group of answer choices Real GDP increased by 20%. Real GDP increase by 25%. Real GDP increase by 50%. Real GDP did not change.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 2QP

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Question

If nominal GDP rises from $2,000 to $3,000 while CPI rises from 1 to 1.2 in the same period, find the percentage change in real GDP.

Group of answer choices

Real GDP increased by 20%.

Real GDP increase by 25%.

Real GDP increase by 50%.

Real GDP did not change.

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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