If nominal GDP increased by 24% from 1962 to 1965, what was nominal GDP in 1965? Round your answer to the nearesthundredth.Provide your answer below:billionYear196019611962196319641965Nominal GDP (in billions)$540$561$606$639?? In general, if a reduction in the price of one good increases the demand for another, the two goods are calledSelect the correct answer below:substitutescomplementsnormal goodsinterchangeable

GDP is the gross domestic product. GDP is the market value of all goods and services produced in an…

If nominal GDP increased by 24% from 1962 to 1965, what was nominal GDP in 1965? Round your answer to the nearest hundredth. Provide your answer below: billion Year 1960 1961 1962 1963 1964 1965 Nominal GDP (in billions) $540 $561 $606 $639 ? ?

If nominal GDP increased by 24% from 1962 to 1965, what was nominal GDP in 1965? Round your answer to the nearest hundredth. Provide your answer below: billion Year 1960 1961 1962 1963 1964 1965 Nominal GDP (in billions) $540 $561 $606 $639 ? ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

Question

If nominal GDP increased by 24% from 1962 to 1965, what was nominal GDP in 1965? Round your answer to the nearest
hundredth.
Provide your answer below:
billion
Year
1960
1961
1962
1963
1964
1965
Nominal GDP (in billions)
$540
$561
$606
$639
?
?

In general, if a reduction in the price of one good increases the demand for another, the two goods are called
Select the correct answer below:
substitutes
complements
normal goods
interchangeable

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