Lianne Kaye B.

Lagubana AE 12

BS Accountancy 1B

Real and Nominal GDP

Required: Compute the missing numbers/amounts in red boxes.

Note: Read the given example on the second page for your reference.

Below is an example of a simplified economy in which only three goods were produced between
2015 and 2016.

Canada in 2015

Canada’s output in Quantity Produced in Price in 2015 Total Value of Output

2015 2015 2015 (Quantity x Price)

Cheese 10 2 20

Chocolate 20 2 40

Watches 5 10 50

Nominal GDP in 2015 110 (in-add ko lang lahat n’ung Total Value of Output 2015 )

Canada 2016

Canada’s output in Quantity Produced in Price in 2016 Total Value of Output

2016 2016 2016 (Quantity x Price)

Cheese 12 2.5 30

Chocolate 25 3 75

Watches 5 11 55

Nominal GDP in 2016 160 (in-add ko lang lahat n’ung Total Value of Output 2016 )
 Real GDP 2016 P 124 (Quantity Produced 2016 x Price in 2015 then add din lahat)

GDP Deflator 2016 129 (Nominal GDP/Real GDP X 100)

How to Calculate Real and Nominal GDP