Typed and correct answer please. I will rate accordingly with 4 votes. But need correct answer. Refer to the data below (all values are in billions):Nominal GDP GDP Deflator(in Billions of (Price Index,Dollars)Year(2012 = 100)20009,81778.1200110,12879.8200210,46981.1200310,96082.6200411,68584.8200512,42287.4200613,17890.1200713,80892.5200814,29194.3200913,93995.0201014,52496.1201115,51898.1201216,163100.0201316,768101.8201417,393103.6201518,037104.6201618,954105.7201719,543107.7201820,612110.3201921,433112.3 Instructions: Round your responses to the nearest billion, If you are entering any negative numbers be sure to include a negative sign() in front of those numbers.a. Calculate real GDP for 2004 using 2014 prices.billonb. By how much did real GDP increase between 2014 and 2004?billionc. By how much did nominal GDP Increase between 2014 and 2004?billion

Real GDP and Nominal GDP are two important concepts used to measure a country's economic growth and…

Instructions: Round your responses to the nearest billion, If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. a. Calculate real GDP for 2004 using 2014 prices. 24 billion b. By how much did real GDP Increase between 2014 and 2004? 24 billion c. By how much did nominal GDP increase between 2014 and 2004? billion

Instructions: Round your responses to the nearest billion, If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. a. Calculate real GDP for 2004 using 2014 prices. 24 billion b. By how much did real GDP Increase between 2014 and 2004? 24 billion c. By how much did nominal GDP increase between 2014 and 2004? billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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