Fill in the missing values in the table below. Instructions: Round your answers to 1 decimal place. Nominal GDP Real GDP Price Index Year (Billions) (Billions) (Year 0 = 100) %3D 1 15,214.4 101.7 2 15,270.6 103.8 16,405.3 15,604.7 4 15,862.2 107.4 5 17,643.1 16,232.2 18,286.6 110.5 O CO

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Fill in the missing values in the table below.
Instructions: Round your answers to 1 decimal place.
Nominal GDP
Real GDP
Price Index
Year
(Billions)
(Billions)
(Year 0 = 100)
%3D
1
15,214.4
101.7
2
15,270.6
103.8
16,405.3
15,604.7
4
15,862.2
107.4
5
17,643.1
16,232.2
6.
18,286.6
110.5
Transcribed Image Text:Fill in the missing values in the table below. Instructions: Round your answers to 1 decimal place. Nominal GDP Real GDP Price Index Year (Billions) (Billions) (Year 0 = 100) %3D 1 15,214.4 101.7 2 15,270.6 103.8 16,405.3 15,604.7 4 15,862.2 107.4 5 17,643.1 16,232.2 6. 18,286.6 110.5
Expert Solution
Step 1

We know that the price index or GDP deflator is calculated as

price index = Nominal GDPReal GDP×100

Real GDP =NominalGDPPrice index×100

and Nominal GDP =Real GDP×Price index100

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