Nominal GDP (Billions) 14,964.4 1,551.6 16,155.3 1,668.9 17,393.1 18,036.6 Real GDP (Billions) 14,786.9 15,020.6 15,354.7 15,612.2 15,982.2 163.9 Price Index (Year 0 = 100) 101.2 103.3 106.9 110 1.1 108.8

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Fill in the missing values in the table below.

 

Instructions: Round your answers to 1 decimal place.

Nominal GDP
(Billions)
14,964.4
1,551.6
16,155.3
1,668.9
17,393.1
18,036.6
Real GDP
(Billions)
14,786.9
15,020.6
15,354.7
15,612.2
15,982.2
163.9
Price Index
(Year 0 = 100)
101.2
103.3
106.9
110
1.1
108.8
Transcribed Image Text:Nominal GDP (Billions) 14,964.4 1,551.6 16,155.3 1,668.9 17,393.1 18,036.6 Real GDP (Billions) 14,786.9 15,020.6 15,354.7 15,612.2 15,982.2 163.9 Price Index (Year 0 = 100) 101.2 103.3 106.9 110 1.1 108.8
Expert Solution
Step 1

Real and nominal GDP:

Gross domestic product or GDP is the total sum of the values of all end commodities produced within an economy in a year.

Nominal GDP is calculated by taking the current market price level into account.

Whereas, real GDP is calculated by taking the base-year price level into account

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