Calculate the value of Real GDP for the year 2023.
|
Year |
Output(units) |
Market Price (in Rs) |
|
2022 |
150 |
10 |
|
2023 |
200 |
20 |
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → ₹2,000
To calculate the Real GDP for a year, you must multiply the output of that year by the prices of a base year. In this case, the base year is 2022.
-
Real GDP = (Output in 2023) × (Market Price in 2022)
-
Real GDP = 200 units × ₹10
-
Real GDP = ₹2,000