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If the nominal GDP is $324 billion in the base year, and it falls to $320 billion in year 1 and rises to $345 billion
If the nominal GDP is $324 billion in the base year, and it falls to $320 billion in year 1 and rises to $345 billion in year 2, calculate the real GDP in each year, given that the price index has fallen from 100 in the base year to 96.5 in year 1 and risen to 108.3 in year 2. If the price index 5 years before the base year was 72.2, and the nominal GDP for 5 years before the base year was $215 billion, calculate the real GDP for that year. Show your work in all cases.
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