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Nominal GDP in 1970 Was $1035

Question 55

Multiple Choice

Nominal GDP in 1970 was $1035.6 billion,and in 1980 it was $2784.2 billion.The GDP price index was 30.6 for 1970 and 60.4 for 1980,where 1992 was the base year.Calculate the percent change in real GDP in the decade from 1970 to 1980.Round off to the nearest percentage point.


A) 36%
B) 97%
C) 136%
D) 169%

Correct Answer:

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