Suppose an economy’s entire output is cars. In Year 1, all manufacturers produce cars at $15,000 each; the real GDP is $300,000. In Year 2, 20 cars are produced at $16,000 each. What is the real GDP in Year 2?

$300,000

Explanation:

Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

Real GDP is GDP calculated using base year prices.

Nominal GDP is GDP calculated using current year prices.

Real GDP = $15,000 × 20 = $300,000

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