Real GDP for that year is $325 billion (third option).
GDP is a short form for gross domestic product. The gross domestic product is the total sum of all goods and services produced by a country in a particular year.
Nominal GDP is the GDP that is calculated using current year prices. Real GDP is the GDP that is calculated using base year prices. Real GDP has been adjusted for inflation so it reflects the real productivity of a country.
The price index is used to calculate inflation. The price index is the ratio of the nominal GDP and the real GDP. If the price index is less than 100, it means that prices have declined in current year when compared to the base year.
Real GDP = (nominal GDP / price index) x 100
(286 / 88) x 100 = $325 billion
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