Calculations

Question 1

Nominal GDP

Answer 1

Total quantity X total price for given year

Question 2

Real GDP

Answer 2

Quantity year (x) X price in base year

Question 3

Real GDP year (x)

Answer 3

Nominal value in year (x) X 100 / general price index in year (x)

Question 4

Inflation through GDP deflator

Answer 4

Nominal GDP/ Real GDP X 100

(the value above 100 is inflation e.g if the answer was 120 then inflation would be 20%)

Question 5

Index Numbers

Answer 5

Price in year (x) / Price in base year X100

Question 6

Index numbers to calculate annual changes

Answer 6

Index year in question - index of previous year / index of previous year X100