data was calculated using 2005 as the base year, Fill in the column19. The following table contains nominal and real GDP data, inbillions of dollars, from the U.S. Bureau of Economic Analysis for2011 and 2012. The data is listed per quarter, and the real GDPfor the GDP deflator and for the percent increase in price level.NOMINALGDPREALGDPPERCENTINCREASE INDEFLATOR PRICE LEVELGDPQUARTER2011q12011q22011q32011q42012q12012q22012q32012q414,867.813,227.915,012.813,271.815,176.113,331.615,294.313,422.415,478.313,506.415,585.613,548.515,811.013,652.515,864.113,665.420. Evaluate the following statement: Even if the prices of alarge number of goods and services in the economy increasedramatically, the real GDP for the economy can still fall.

GDP Deflator: GDP deflator is the measure of the change in the prices of all the goods and services…

19. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis 2011 and 2012. The data is listed per quarter, and the real GDE data was calculated using 2005 as the base year, Fill in the colu- for the GDP deflator and for the percent increase in price level NOMINAL GDP REAL GDP PERCEN INCREASE DEFLATOR PRICE LEW GDP QUARTER 2011q1 2011q2 14,867.8 13,227.9 15,012.8 13,271.8 2011q3 2011q4 2012q1 2012q2 2012q3 2012q4 15,176.1 13,331.6 15,294.3 13,422.4 15,478.3 13,506.4 15,585.6 13,548.5 15,811.0 13,652.5 15,864.1 13,665.4 20. Evaluate the following statement: Even if the prices of a large number of goods and services in the economy increas dramatically, the real GDP for the economy can still fall.

19. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis 2011 and 2012. The data is listed per quarter, and the real GDE data was calculated using 2005 as the base year, Fill in the colu- for the GDP deflator and for the percent increase in price level NOMINAL GDP REAL GDP PERCEN INCREASE DEFLATOR PRICE LEW GDP QUARTER 2011q1 2011q2 14,867.8 13,227.9 15,012.8 13,271.8 2011q3 2011q4 2012q1 2012q2 2012q3 2012q4 15,176.1 13,331.6 15,294.3 13,422.4 15,478.3 13,506.4 15,585.6 13,548.5 15,811.0 13,652.5 15,864.1 13,665.4 20. Evaluate the following statement: Even if the prices of a large number of goods and services in the economy increas dramatically, the real GDP for the economy can still fall.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 5PA

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