In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values. 2010 2011 2012 2013 2014 2015 2016 Current-dollar GDP 15.0 15.5 16.2 16.8 17.5 18.2 18.7 GDP in chained 2012 dollars 15.8 16.5 16.9 17.7 chained growth rate of GDP (%) 2.6 1.6 2.5 2.9 1.6 What was real GDP in 2015? a) 16.9 x 1.029 = 17.4b) 16.9 x 1.025 = 17.3c) (16.9 + 17.7)/2 = 17.3d) 17.5 x 1.029 = 18.0
In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values. 2010 2011 2012 2013 2014 2015 2016 Current-dollar GDP 15.0 15.5 16.2 16.8 17.5 18.2 18.7 GDP in chained 2012 dollars 15.8 16.5 16.9 17.7 chained growth rate of GDP (%) 2.6 1.6 2.5 2.9 1.6 What was real GDP in 2015? a) 16.9 x 1.029 = 17.4b) 16.9 x 1.025 = 17.3c) (16.9 + 17.7)/2 = 17.3d) 17.5 x 1.029 = 18.0
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values.
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
| Current-dollar |
15.0 | 15.5 | 16.2 | 16.8 | 17.5 | 18.2 | 18.7 |
| GDP in chained 2012 dollars | 15.8 | 16.5 | 16.9 | 17.7 | |||
| chained growth rate of GDP (%) | 2.6 | 1.6 | 2.5 | 2.9 | 1.6 |
What was real GDP in 2015?
a) 16.9 x 1.029 = 17.4
b) 16.9 x 1.025 = 17.3
c) (16.9 + 17.7)/2 = 17.3
d) 17.5 x 1.029 = 18.0
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