The nominal GDP in that year will be $410.816 billion.
What is Nominal GDP?
- Nominal gross domestic product is GDP calculated using the most recent market prices. GDP measures the monetary worth of all the goods and services a nation produces. Nominal GDP differs from real GDP in that it considers inflation, which represents how quickly prices are rising in an economy.
- The monetary worth of the products and services produced is the standard way to calculate GDP.
- Nominal GDP can overstate the growth rate because it does not account for the rate of price increases when comparing one period to another.
- Growing pricing rather than increasing the number of goods and services produced may cause nominal GDP growth from year to year.
- Nominal GDP is the starting point, whereas real GDP includes price changes.
we know that
Nominal GDP = Real GDP × Price index
Nominal GDP = $3668 × 0.112
Nominal GDP = $410.816
hence, the nominal GDP in that year will be $410.816 billion.
To learn more about Nominal GDP with the given link
brainly.com/question/15171681
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