Nominal and Real GDP

When Nominal Gross Domestic Product (GDP) is $₹850 Crores$ and the Price Index is $170$, Real Gross Domestic (GDP) will be_____.

If the Real Gross Domestic Product (GDP) in an economy is $₹520 Crores$ and Nominal Gross Domestic Product (GDP) is $₹650 Crores$, calculate the price index.

"Gross Domestic Product(GDP) does not give us a clear indication of the economic welfare of a country." Defend or refute the given statement with valid reason.

Give one example of negative externalities.

Explain 'non-monetary exchanges' as a limitation of using gross domestic product as an index of welfare of a country.

Distinguish between nominal income and real income. Explain why due to the presence of non-monetary production, real national income on its own cannot be treated as a true index of welfare.
 

Using the following data of an imaginary economy, calculate and compare the Real Gross Domestic Product (GDP) for the given years:

Explain any four limitations of using GDP as a measure/index of welfare of a country.

Explain non-monetary exchanges as a limitation of using gross domestic product as an index of welfare of a country.

Explain the concept of "real income". Explain why, due to the presence of externalities, real national income in itself cannot be treated as a true index of welfare.

 Explain the meaning of Real Gross Domestic Product and Nominal Gross Domestic Product, using a numerical example.

Differentiate between National Income at Current Prices and National Income at Constant Prices. Which of the two presents a better view of the economic growth of economy and why?

Distinguish between real gross domestic product and nominal gross domestic product. Can gross domestic product be used as an index of welfare of the people? Give two reasons.

What are Externalities? State its types with suitable examples.

What are non-monetary exchanges? Discuss with suitable example.

Given nominal income, how can we find real income? 

Explain the concepts of Real GDP and Nominal GDP, using a suitable numerical example.

                         OR

How is Real Gross Domestic Product (GDP) different from Nominal Gross Domestic Product (GDP)? Explain using a numerical example.

Discuss any two differences between GDP at constant prices and GDP at current Prices.

What is real GDP? State three limitations of GDP as an index of economic welfare.

Given real income to be Rs $400$  And price index be $100$, calculate nominal income.