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Calculate the GDP deflator given the nominal and real GDP values.

Economics

ScanSolve AI Answer

Answer

C. 169.92\text{C. 169.92}

Step-by-step solution

5 steps

The final answer is C. 169.92\boxed{\text{C. 169.92}}.

  1. Identify the given values.

    Nominal Gross Domestic Product (GDP) = ₹ 295.36 lakh crore
    Real Gross Domestic Product (GDP) = ₹ 173.82 lakh crore

  2. Recall the formula for the GDP deflator.

    The GDP deflator is calculated as the ratio of Nominal GDP to Real GDP, multiplied by 100.

    GDP Deflator=Nominal GDPReal GDP×100\text{GDP Deflator} = \frac{\text{Nominal GDP}}{\text{Real GDP}} \times 100

  3. Substitute the given values into the formula.

    GDP Deflator=295.36173.82×100\text{GDP Deflator} = \frac{295.36}{173.82} \times 100

  4. Calculate the value.

    GDP Deflator=1.699229×100\text{GDP Deflator} = 1.699229 \times 100 GDP Deflator≈169.92\text{GDP Deflator} \approx 169.92

  5. Compare the calculated value with the given options.

    The calculated value of 169.92 matches option C.

    That's 4 down. One more to go today!

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