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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![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: $
GDP in Year 2: $
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 2:
Year 3:
Year 4:
(Click to select)
No
Yes
Year 2
(Click to select)
billion
billion
billion
GDP Deflator
100
102
105
106
billion
c. In which year did society's welfare increase the most?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffef21566-d680-42cb-9186-c8d31543773a%2F0d74f2d7-dbcf-4f8c-b501-b0d4cefb96da%2F5g6h1m7_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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: $
GDP in Year 2: $
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 2:
Year 3:
Year 4:
(Click to select)
No
Yes
Year 2
(Click to select)
billion
billion
billion
GDP Deflator
100
102
105
106
billion
c. In which year did society's welfare increase the most?
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