ceal-Time Data Analysis ExerciseIse the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars, enter your response rounded to two decimal places - remember to multiply by 100).Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/).YearNominal GDPReal GDPGDP Deflator2016$18,745$17,731201719,54318,1448,68819.092201820,612201921.433202020,93518,423Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/).Which span of years saw the largest percentage increase in the price level, as measured by change in the GDP deflator?O A. 2019 to 2020O B. 2018 to 2019O C. 2016 to 2017O D. 2017 to 2018

The gross domestic product(GDP) refers to the market value of final commodities(goods and services)…

eal-Time Data Analysis Exercise se the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars, enter your response rounded to two decimal places - remember to multiply by 100). Cource: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). Real GDP GDP Deflator Year Nominal GDP 2016 $18,745 $17,731 2017 19,543 18,144 18.688 19,092 2018 20,612 2019 21,433 20,935 18,423 2020 Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). Which span of years saw the largest percentage increase in the price level, as measured by change in the GDP deflator? O A. 2019 to 2020 O B. 2018 to 2019 O C. 2016 to 2017 O D. 2017 to 2018

eal-Time Data Analysis Exercise se the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars, enter your response rounded to two decimal places - remember to multiply by 100). Cource: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). Real GDP GDP Deflator Year Nominal GDP 2016 $18,745 $17,731 2017 19,543 18,144 18.688 19,092 2018 20,612 2019 21,433 20,935 18,423 2020 Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/). Which span of years saw the largest percentage increase in the price level, as measured by change in the GDP deflator? O A. 2019 to 2020 O B. 2018 to 2019 O C. 2016 to 2017 O D. 2017 to 2018

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

ceal-Time Data Analysis Exercise
Ise the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars, enter your response rounded to two decimal places - remember to multiply by 100).
Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/).
Year
Nominal GDP
Real GDP
GDP Deflator
2016
$18,745
$17,731
2017
19,543
18,144
8,688
19.092
2018
20,612
2019
21.433
2020
20,935
18,423
Source: Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/).
Which span of years saw the largest percentage increase in the price level, as measured by change in the GDP deflator?
O A. 2019 to 2020
O B. 2018 to 2019
O C. 2016 to 2017
O D. 2017 to 2018

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