Instructions: Round your answers to 1 decimal place. Year Nominal GDP (Billions) Real GDP (Billions) Price Index (Year 0 = 100) 1 15,064.4 101.4 2 15,120.6 103.5 3 16,255.3 15,454.7 4 15,712.2 107.1 5 17,493.1 16,082.2 6 18,136.6 110.2
Added by Lynn F.
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Step 1
The formula to calculate Real GDP is: Real GDP = (Nominal GDP / Price Index) * 100 For Year 1: Real GDP = (15064.4 / 101.4) * 100 = 14851.628 Rounding to one decimal place, the Real GDP for Year 1 is 14851.6. Show more…
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Year Nominal GDP (in Billions of Dollars) GDP Deflator (Price Index, (2012 = 100) 2000 9,817 78.1 2001 10,128 79.8 2002 10,469 81.1 2003 10,960 82.6 2004 11,685 84.8 2005 12,422 87.4 2006 13,178 90.1 2007 13,808 92.5 2008 14,291 94.3 2009 13,939 95.0 2010 14,524 96.1 2011 15,518 98.1 2012 16,163 100.0 2013 16,768 101.8 2014 17,393 103.6 2015 18,037 104.6 2016 18,954 105.7 2017 19,543 107.7 2018 20,612 110.3 2019 21,433 112.3 refer to the data below (all values are in billions): Instructions: Round your responses to the nearest billion. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate real GDP for 2012 using 2002 prices. $ billion b. By how much did real GDP increase between 2002 and 2012? $ billion c. By how much did nominal GDP increase between 2002 and 2012? $ billion
Crystal W.
Fill in the blanks: $$\begin{array}{lccc} \text { Year } & \begin{array}{c} \text { Real GDP (in } \\ \text { 2000 dollars) } \end{array} & \begin{array}{c} \text { Nominal GDP } \\ \text { (in current } \\ \text { dollars) } \end{array} & \begin{array}{c} \text { GDP deflator } \\ \text { (base year } \\ \text { 2000) } \end{array} \\ \hline 1970 & 3,000 & 1,200 & -\\ 1980 & 5,000 & - & 60 \\ 1990 & - & 6,000 & 100 \\ 2000 & - & 8,000 &- \\ 2010 & - & 15,000 & 200 \\ 2020 & 10,000 & - & 300 \\ 2030 & 20,000 & 50,000 & - \\ \hline \end{array}$$
Fill in the blanks: $$\begin{array}{lccc}\text { Year } & \begin{array}{c}\text { Real GDP (in } \\\text { 2000 dollars) }\end{array} & \begin{array}{c} \text { Nominal GDP } \\\text { (in current } \\\text { dollars) }\end{array} & \begin{array}{c}\text { GDP deflator } \\\text { (base year } \\ \text { 2000) }\end{array} \\\hline 1970 & 3,000 & 1,200 & \\1980 & 5,000 & - & 60 \\1990 & - & 6,000 & 100 \\2000 & - & 8,000 & - \\ 2010 & - & 15,000 & 200 \\2020 & 10,000 & - & 300 \\2030 & 20,000 & 50,000 & - \\\hline\end{array}$$
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