CBSE 2023 Class 12 Economics Delhi Set 2

Question : 1 of 3

Marks: +1, -0

SECTION-A

(Macro Economics)

Suppose only one Good '

{\X}

' is produced in the country. Output of 'Good X' during 2018 & 2019 were 100 units & 120 units respectively. The market price of the product during the two years was

\₹ 50\ & \ \₹ 60

per unit respectively.
Calculate the percentage change in Real Gross Domestic Product (GDP) in year 2019, using 2018 as the base year.

Solution:

Year	OutputProduced(units)	CurrentYearPrices	Nominal GDP= Currentyear output $\times$ Current year prices	Real DGP = Current year output $\×$ Base year price
2018	100	50	$100 \×50=5000$	$100 \×50=5000$
2019	120	60	$120×60=7200$	$120\×50=6000$

Change in Real GDP

=6000-5000=1000

\% \;\text " Change in Real GDP "\;\;

=\;{\;\text " Change in Real GDP "\;}/{\;\text " Initial Real GDP "\;} × 100

\;=\;{1000}/{5000} × 100=10 \%

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