Advertisements
Advertisements
प्रश्न
Classify the following statement into positive economic or normative economic, with suitable reason:
Real Gross Domestic Product (GDP) is calculated on the basis of 'base year price'.
उत्तर
Real Gross Domestic Product (GDP) is calculated on the basis of 'base year prices' is a positive statement. This is because this statement is giving a fact and can be tested and verified.
APPEARS IN
संबंधित प्रश्न
If nominal income is Rs 500 and price index is 125, calculate real income.
Given nominal income to be Rs 375 and price index 125, calculate real income.
If nominal income is Rs 600 and price index is 100, find real income.
Distinguish between “real” gross domestic product and “nominal” gross domestic product. Which of these is a better index of welfare of the people and why?
The value of the nominal GNP of an economy was Rs 2,500 crores in a particular year. The value of GNP of that country during the same year, evaluated at the prices of same base year, was Rs 3,000 crores. Calculate the value of the GNP deflator of the year in percentage terms. Has the price level risen between the base year and the year under consideration?
Answer the following question.
How is Real Gross Domestic Product (GDP) different from Nominal Gross Domestic Product (GDP)? Explain using a numerical example.
Answer the following question:
Explain the meaning of Real Gross Domestic Product and Nominal Gross Domestic Product, using a numerical example.
General Price Level is studied in:
Define Gross Domestic Product (GDP) deflator and discuss its importance.
Using the following information, calculate and analyse the value of Gross Domestic Product (GDP) deflator:
| Year | 2014-15 | 2016-17 |
| Nominal GDP | 6.5 | 9 |
| Real GDP | 6.5 | 7.2 |
Distinguish between Real Gross Domestic Product (GDP) and Nominal Gross Domestic Product (GDP).
Suppose only one Good ‘X' is produced in the country. Output of ‘Good X during 2018 and 2019 were 100 units and 110 units respectively. The market price of the product during the two years was ₹ 50 and ₹ 55 per unit respectively.
Calculate the percentage change in Real Gross Domestic Product (GDP) in year 2019, using 2018 as the base year.
Suppose only one Good ‘X' is produced in the country. Output of ‘Good X' during 2018 & 2019 were 100 units & 120 units respectively. ‘The market price of the product during the two, years was 50 & 260 per unit respectively.
Calculate the percentage change in Real Gross Domestic Product (GDP) in year 2019, using 2018 as the base year.
