Chain-weighted Price Deflators (Index) for GDP 2012 = 100 (Base Year) Nominal GDP Year (in Billions) 2000 $9,817 78.1 2001 10,128 79.8 2002 10,469 81.0 2003 10,960 82.6 2004 11,685 84.8 2005 12,422 87.4 2006 13,178 90.1 2007 13,808 92.5 2008 14,291 94.3 2009 13,939 95.0 2010 14,527 96.1 2011 15,518 98.1 2012 16,163 100.0 2013 16,768 101.8 2014 17,393 103.6 2015 18,037 104.6 2016 18,754 105.7 2017 19,543 107.8 2018 20,612 110.3 2010 21 422 112 2
Chain-weighted Price Deflators (Index) for GDP 2012 = 100 (Base Year) Nominal GDP Year (in Billions) 2000 $9,817 78.1 2001 10,128 79.8 2002 10,469 81.0 2003 10,960 82.6 2004 11,685 84.8 2005 12,422 87.4 2006 13,178 90.1 2007 13,808 92.5 2008 14,291 94.3 2009 13,939 95.0 2010 14,527 96.1 2011 15,518 98.1 2012 16,163 100.0 2013 16,768 101.8 2014 17,393 103.6 2015 18,037 104.6 2016 18,754 105.7 2017 19,543 107.8 2018 20,612 110.3 2010 21 422 112 2
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Chain-weighted Price
Deflators (Index) for GDP
2012 = 100 (Base Year)
Nominal GDP
Year
(in Billions)
2000
$9,817
78.1
2001
10,128
79.8
2002
10,469
81.0
2003
10,960
82.6
2004
11,685
84.8
2005
12,422
87.4
2006
13,178
90.1
2007
13,808
92.5
2008
14,291
94.3
2009
13,939
95.0
2010
14,527
96.1
2011
15,518
98.1
2012
16,163
100.0
2013
16,768
101.8
2014
17,393
103.6
2015
18,037
104.6
2016
18,754
105.7
2017
19,543
107.8
2018
20,612
110.3
2019
21.433
112.3
Transcribed Image Text:Instructions: For parts a, c, d, and e, enter your responses as a percentage rounded to one decimal place. For part b, round your
response to the nearest billion.
a. Calculate the percentage change in nominal GDP between 2010 and 2016.
29 %
b. Calculate real GDP in 2016 at prices of 2010.
17050.7
c. Calculate the percentage change in real GDP between 2010 and 2016.
17.3 %
d. What is the percentage change in nominal GDP between 2010 and 2016 attributed to changing prices?
e. What is the percentage change in nominal GDP between 2010 and 2016 attributed to a growing economy?
%
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