A hypothetical economy produces only apples and oranges. In 2015 apples Kg at Rs. , oranges Kg at Rs. ; in 2016 apples at , oranges at ; in 2017 apples at , oranges at . Which of the following is/are CORRECT?
Select all that apply.
IIT JAM 2024 Question 34: National income accounting
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Plain-text version
A hypothetical economy produces only apples and oranges. In 2015 apples 10 Kg at Rs. 180, oranges 5 Kg at Rs. 200; in 2016 apples 15 at 200, oranges 12 at 300; in 2017 apples 18 at 250, oranges 15 at 350. Which of the following is/are CORRECT? (A) Real GDP in 2017 (base 2016) is Rs. 4,250 (B) Real GDP in 2016 (base 2015) is Rs. 3,500 (C) Nominal GDP in 2015 is Rs. 6,600 (D) Price level, as measured by the GDP deflator, increased in 2017 compared to 2016 (base year 2016)
National income accounting has come up 132 times in 6 exams since 2010.
What this question tests
This question is on Real and nominal GDP, part of National income accounting in Macroeconomics.
Separating output growth from price changes and computing real growth rates.
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