The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008, and 2018. The U.S. price level rose consistently over the period 1968–2018. YearNominal GDP(billions of dollars)Real GDP(billions of 2012dollars)Population(thousands)1968$941$4,792200,74519782,3526,569222,62919885,2368,866245,06119989,06312,038276,154200814,71315,605304,543201820,58018,638327,436 c. Calculate real GDP per capita for the following years.Round answers to the nearest dollar.Real GDP per capita in 1978:________Real GDP per capita in 1988:________Real GDP per capita in 2008:________Real GDP per capita in 2018:________

The gross domestic product (GDP) per capita is the GDP per person of the country. It can be…

Answered: Calculate real GDP per capita for the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008, and 2018. The U.S. price level rose consistently over the period 1968–2018.

Year	Nominal GDP (billions of dollars)	Real GDP (billions of 2012 dollars)	Population (thousands)
1968	$941	$4,792	200,745
1978	2,352	6,569	222,629
1988	5,236	8,866	245,061
1998	9,063	12,038	276,154
2008	14,713	15,605	304,543
2018	20,580	18,638	327,436

c. Calculate real GDP per capita for the following years.

Round answers to the nearest dollar.

Real GDP per capita in 1978:________

Real GDP per capita in 1988:________

Real GDP per capita in 2008:________

Real GDP per capita in 2018:________

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