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SubjectsEconomics
जीडीपी अपस्फीतिकारक
In Class 12 Economics, under National Income and Related Aggregates, students learn how the GDP Deflator measures the overall change in prices of goods and services produced within an economy. The topic explains its relationship with nominal GDP and real GDP, the role of a base year, and the formula: GDP Deflator = (Nominal GDP ÷ Real GDP) × 100. Students also interpret changes in the index to understand inflation and distinguish price effects from changes in production.
TOPIC PRACTICE
Up to 4 questions from this page. Select your focus, then start.
The GDP deflator measures the price component of nominal GDP relative to real GDP. Its index formula is Deflator = (Nominal GDP index ÷ Real GDP index) × 100. Substituting the data gives (202.5 ÷ 150) × 100 = 135. Therefore, the deflator index is 135. The other values result from incorrect division or from failing to multiply the ratio by 100.
The GDP deflator relationship is Deflator = (Nominal GDP ÷ Real GDP) × 100. Rearranging gives Nominal GDP index = (Deflator index × Real GDP index) ÷ 100. Thus, (142.5 × 120) ÷ 100 = 171. The other options do not satisfy this identity and arise from approximate or incorrect multiplication. Hence the nominal GDP index is 171.
The deflator formula is Deflator = (Nominal GDP index ÷ Real GDP index) × 100. Solving for the real GDP index gives Real GDP index = (Nominal GDP index ÷ Deflator index) × 100. Therefore, (189 ÷ 140) × 100 = 135. This removes the price-level effect from nominal GDP. The other options do not produce a deflator of 140 when substituted into the formula.
The increase must be measured relative to the old deflator, not merely by subtracting the index values. The change is 162 − 135 = 27 points. Dividing by the original 135 gives 27 ÷ 135 × 100 = 20%. Thus, the new price level is 20% higher. The value 27 is an index-point increase, not a percentage increase, so option C is incorrect.
QUIZ COMPLETE
