Given this data for the United States, complete the Table below AND answer b-e:
Years
GDP (billions of
GDP Deflator
Real GDP
Population
Real GDP
dollars)
(2012=100,
(billions of
(billions)
per capita (in
base)
2012 dollars)
2012 dollars)
1980
2,857.3
6,754.8
0.2265
1990
63.6
9,375.9
37,699.8
2000
78.0
0.2814
46,703.3
2010
15,049.0
15,643.5
0.3087
2020
20,893.7
113.7
0.3315
Source: Bureau of Economic Analysis; Census Bureau, 2021.
a) Complete the table above (fill all the blanks)
Between 2000 and 2020:
b) What was the percentage change in nominal GDP between these years (between 2000
and 2020)?
c) What was the percentage change in real GDP between these years (between 2000 and
2020)?
d) What was the percentage change in real GDP per capita between those years (between
2000 and 2020)? Where people better off in 2020 than in 2000?
e) What are some of the problems usually associated with using real GDP per capita as a
measure of our well-being?
