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Economics · 2022 · 2 marks
CBSE 2022 · Region 4 · Set 3 · Q1
(a) If the Gross Domestic Product at current prices is ₹ 6,600 crore and GDP deflator is 110, calculate the Real Gross Domestic Product.
(a)
If the Gross Domestic Product at current prices is ₹ $\displaystyle 6{,}600$ crore and GDP deflator is $\displaystyle 110$, calculate the Real Gross Domestic Product.
OR
(b)
Giving valid reasons, classify the following into stock and flow variables :
(i)
Value of Inventories as on 31st March, $\displaystyle 2021$
(ii)
Net Investments during the year $\displaystyle 2020$ – $\displaystyle 21$
Marking-scheme solution
(a)
Given;
GDP at current prices (Nominal GDP) = ₹ $\displaystyle 6{,}600$ crore
GDP deflator = $\displaystyle 110$
∴ Real GDP $\displaystyle = \dfrac{\text{Nominal GDP}}{\text{GDP deflator}} \times 100$
$\displaystyle = \dfrac{6{,}600}{110} \times 100$
= ₹ $\displaystyle 6{,}000$ crore
OR
(b)(i)
Value of inventory as on 31st March, $\displaystyle 2021$ is a stock variable, as it is measured at a particular point of time.
(ii)
Net Investments during the year $\displaystyle 2020$-$\displaystyle 21$ is a flow variable, as it is measured over a period of time.
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