Answer questions 12-13 based on the following data for a hypothetical economy. The base year for the GDP deflator is 1992 and it equaled 100 that year. Year Nom. GDP (billion) Price Index 1993 $4,200 120 1994 $4,300 125 1995 $4,680 130 1996 $4,958 134 1) Refer to the data above. Real GDP increased from 1995 to 1996 by approximately a. $40 billion. b. $100 billion. c. $278 billion. d. $380 billion. e. $559 billion. 2) From 1992 to 1996, price rose by approximately a. 5 percent. b. 9 percent. c. 14 percent. d. 24 percent. e. 34 percent.
Answer questions 12-13 based on the following data for a hypothetical economy. The base year for the GDP deflator is 1992 and it equaled 100 that year.
Year Nom. GDP (billion) Price Index
1993 $4,200 120
1994 $4,300 125
1995 $4,680 130
1996 $4,958 134
1) Refer to the data above. Real GDP increased from 1995 to 1996 by approximately
a. $40 billion.
b. $100 billion.
c. $278 billion.
d. $380 billion.
e. $559 billion.
2) From 1992 to 1996, price rose by approximately
a. 5 percent.
b. 9 percent.
c. 14 percent.
d. 24 percent.
e. 34 percent.
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