Suppose Miguel wants to know the value of real gross domestic product (GDP) for 2011 in terms of the base year 1984 dollars. In 1984 nominal GDP was $10 billion. In 2011 nominal GDP was $15 billion and the price deflator was 200. Real GDP in 1984 dollars would be equal to which of the following? $5 billion

$5 billion
A

$7.5 billion

$7.5 billion
B

$10 billion

$10 billion
C

$20 billion

$20 billion
D

$30 billion

$30 billion
E

Submit