Complete the table below calculating Real GDP for all years (show your work for at least one year!) and answer the following: Nominal GDP, Deflator, and Real GDP Year Nominal GDP (billions of dollars) 7,000 8,350 9,740 10,120 11,111 12,582 GDP Deflator Real GDP 2010 100 2011 111.3 2012 116.6 2013 107.5 2014 102.4 2015 109.7 a. By looking at the table, which year is the Base Year? Justify your answer! b. Calculate the Real GDP growth from 2010 to 2015. Show your work!
Complete the table below calculating Real GDP for all years (show your work for at least one year!) and answer the following: Nominal GDP, Deflator, and Real GDP Year Nominal GDP (billions of dollars) 7,000 8,350 9,740 10,120 11,111 12,582 GDP Deflator Real GDP 2010 100 2011 111.3 2012 116.6 2013 107.5 2014 102.4 2015 109.7 a. By looking at the table, which year is the Base Year? Justify your answer! b. Calculate the Real GDP growth from 2010 to 2015. Show your work!
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7PA
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