Consider the following data for the United States: Date 2019 2020 2021 Nominal GDP (billions of dollars per year) 21,381 21,060 23,315 Price Index (base year 2010) 107.29 108.69 113.57 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Assuming the base year is now 2021, complete the following (enter your responses rounded to one decimal place): a. Recalculate the price index for years 2019, 2020 and 2021. b. Recalculate the real GDP for the years 2019, 2020, 2021. Year 2019 2020 2021 Real GDP (billions of dollars per year, in constant 2009 dollars) Price Index (base year 2021) 19,036 18,509 19,610 Real GDP (billions of dollars per year, in constant 2021 dollars)

Consider the following data for the United States: Date 2019 2020 2021 Nominal GDP (billions of dollars per year) 21,381 21,060 23,315 Price Index (base year 2010) 107.29 108.69 113.57 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Assuming the base year is now 2021, complete the following (enter your responses rounded to one decimal place): a. Recalculate the price index for years 2019, 2020 and 2021. b. Recalculate the real GDP for the years 2019, 2020, 2021. Year 2019 2020 2021 Real GDP (billions of dollars per year, in constant 2009 dollars) Price Index (base year 2021) 19,036 18,509 19,610 Real GDP (billions of dollars per year, in constant 2021 dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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