Elucidate general price index

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Reference no: EM1351609

Suppose nominal GDP in 2002 was $100 billion and in 2003 it was $260 billion. The general price index in 2002 was 100 and in 2003 it was 180. Between 2002 and 2003 the real GDP rose by:

Answer

160 percent.
44 percent.
37 percent.
12 percent.

Reference no: EM1351609

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