3 8 01:19:04 Below are nominal GDP and GDP deflators for four years. Nominal GDP (in billions) $19,000 19,560 20,495 21,280 Year Year 1 Year 2 Year 3 Year 4 a. Calculate real GDP in each year. Instructions: Round your responses to the nearest whole number. GDP in Year 1: $1 billion GDP in Year 2: $1 billion GDP in Year 3: $ GDP in Year 4: $ [ b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed? Year 25 (Click to select) Year 3: No Yes Year 4: (Click to select) c. In which year did society's welfare increase the most? Year 2 billion GDP Deflator 100 102 105 106 billion

3 8 01:19:04 Below are nominal GDP and GDP deflators for four years. Nominal GDP (in billions) $19,000 19,560 20,495 21,280 Year Year 1 Year 2 Year 3 Year 4 a. Calculate real GDP in each year. Instructions: Round your responses to the nearest whole number. GDP in Year 1: $1 billion GDP in Year 2: $1 billion GDP in Year 3: $ GDP in Year 4: $ [ b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed? Year 25 (Click to select) Year 3: No Yes Year 4: (Click to select) c. In which year did society's welfare increase the most? Year 2 billion GDP Deflator 100 102 105 106 billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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