Economic Awareness - Sectors of Indian Economy
If the Nominal GDP of a country is Rs. 150 lakh crore and the Real GDP is Rs. 125 lakh crore, what is the GDP deflator?
If the Nominal GDP of a country is Rs. 150 lakh crore and the Real GDP is Rs. 125 lakh crore, what is the GDP deflator?
medium Q7 of 15
Step-by-Step Solution
Step 1: Recall GDP deflator formula
GDP deflator = (Nominal GDP / Real GDP) × 100Step 2: Calculate
GDP deflator = (150 / 125) × 100 = 1.2 × 100 = 120Final Answer:
120 → Option AQuick Check:
GDP deflator = (Nominal ÷ Real) × 100 = 120 ✅
Quick Trick: GDP deflator = Nominal ÷ Real × 100
Common Mistakes:
- Dividing Real GDP by Nominal GDP or forgetting to multiply by 100.
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