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SubjectsEconomics
वास्तविक GDP और नाममात्र GDP
In Class 12 Economics, this topic from National Income and Related Aggregates explains how Real GDP and Nominal GDP measure the value of goods and services produced in an economy. Students learn the difference between current-price and constant-price measures, understand how inflation and changes in the price level affect GDP, and explore the role of the GDP deflator. The topic also develops skills for comparing economic growth across years more accurately and interpreting national income data.
TOPIC PRACTICE
Up to 3 questions from this page. Select your focus, then start.
Successive annual growth rates compound rather than simply add. Taking the initial real GDP as 1, the value after three years is 1.05 × 1.05 × 1.05 = 1.157625. The total increase is therefore 0.157625, or approximately 15.8 percent. Option A ignores compounding, while C and D overstate the result. Hence option B is the correct approximate answer.
Real GDP is obtained by removing the price effect from nominal GDP. The annual real-growth factor is \(1.15\) divided by \(1.05\), approximately \(1.095238\). Over two years the factor is \(\left(\frac{1.15}{1.05}\right)^2\), so total real growth is approximately \(1.19955 - 1 = 19.9\) percent. Option A subtracts rates too simply, C rounds too roughly, and D incorrectly combines nominal growth.
A deflator is an index of the price level, so its successive percentage changes must be compounded. Starting with an index of 100, a 20 percent rise gives 120. A 20 percent fall is then taken from 120, producing 120 × 0.80 = 96. The final index is therefore 4 percent below the starting level. Option B is correct; the equal percentages do not cancel because the bases differ.
QUIZ COMPLETE
