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The value of the nominal GNP of an econo...

The value of the nominal GNP of an economy was Rs. 2500 crores in a particular year. The value of GNP of that country during the same year, evaluated at the prices of some base year, was Rs. 3000 crores. Calculate the value of the GNP deflator of the year in percentage terms. Has the price level risen between the base year and the year under consideration ?

Text Solution

Verified by Experts

`GNP` deflator `=("Nominal GNP")/("Real GNP")xx100=2500/3000xx100=83.3%`
No, the price level has not risen between the base year and the year under consideration. Rather, it has fallen.
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