ECO403 ASSIGNMENT NO. 1 SPRING 2023 (PART-B) || 100% RIGHT SOLUTION || MACROECONOMICS || BY VuTech

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The Case:

PART-B

Suppose the Nominal Gross Domestic Product and Real Gross Domestic Product for two years of the economy of Pakistan are given below. Calculate Gross Domestic Product Deflator in the given table.

 

Years	Nominal GDP	Real GDP	GDP Deflator
2019	Rs 25,000	Rs 21,000	?
2020	Rs 41,000	Rs 39,000	?

Solution

To calculate the Gross Domestic Product (GDP) deflator, we can use the formula:

GDP Deflator = (Nominal GDP / Real GDP) * 100

Using the given data, we can calculate the GDP deflator for each year:

For 2019:

GDP Deflator = (25,000 / 21,000) * 100

                                                                         = 119.05

For 2020:

GDP Deflator = (41,000 / 39,000) * 100

                                                                         = 105.13

Therefore, the GDP deflator for 2019 is approximately 119.05, and the GDP deflator for 2020 is approximately 105.13.

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