(1)Year198019851990200020052009a. $2686.9Based on the above information, what is real GDP of2005?b. $126.384c. $268.69(2)Nominal GDP,d. $12,638.4Billions$ 2788.14717.55800.59951.512,638.414.256.3(3)Real GDP,Billions$ 5839.06849.311,226.012,987.4(4)GDP Price Index(2005= 100)68.972.288.6100.0109.8<

Real GDP is the GDP in base year price. Real GDP does not include inflation Nominal GDP includes…

(1) Year 1980 1985 1990 2000 2005 2009 a. $2686.9 Based on the above information, what is real GDP of 2005? b. $126.384 (2) Nominal GDP, c. $268.69 d. $12,638.4 Billions $ 2788.1 4717.5 5800.5 9951.5 12,638.4 14,256.3 (3) Real GDP, Billions $ 5839.0 6849.3 11,226.0 12,987.4 (4) GDP Price Index (2005= 100) 68.9 72.2 88.6 100.0 109.8 <

(1) Year 1980 1985 1990 2000 2005 2009 a. $2686.9 Based on the above information, what is real GDP of 2005? b. $126.384 (2) Nominal GDP, c. $268.69 d. $12,638.4 Billions $ 2788.1 4717.5 5800.5 9951.5 12,638.4 14,256.3 (3) Real GDP, Billions $ 5839.0 6849.3 11,226.0 12,987.4 (4) GDP Price Index (2005= 100) 68.9 72.2 88.6 100.0 109.8 <

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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