If Nominal GDP Is $230 for a Period and Real

question 43

Essay

If nominal GDP is $230 for a period and real GDP is $200 for the same period, what is the GDP deflator for this period?

---

Definitions:

Andrew Carnegie

An industrialist and philanthropist who led the enormous expansion of the American steel industry in the late 19th century and is often considered one of the richest people in history.

Edward Bellamy

An American author and socialist, most famous for his utopian novel, "Looking Backward: 2000-1887."

Standard Oil

An American oil producing, refining, and transporting company established by John D. Rockefeller that became a symbol of the monopolistic practices and economic power of the Gilded Age.

John D. Rockefeller

An American industrialist and philanthropist who played a pivotal role in the establishment and growth of the oil industry.