Nominal GDP was $9,817 billion in 2000 and $21,433 billion in 2019. The chain-weighted price deflator (price index) for GDP was 78.1 in 2000 and 112.3 in 2019. (a) Calculate real GDP for 2019 using 2000 prices. (b) By how much did real GDP increase between 2000 and 2019? (c) By how much did nominal GDP increase between 2000 and 2016? please explain the answer clearly.

Nominal GDP was $9,817 billion in 2000 and $21,433 billion in 2019. The chain-weighted price deflator (price index) for GDP was 78.1 in 2000 and 112.3 in 2019. (a) Calculate real GDP for 2019 using 2000 prices. (b) By how much did real GDP increase between 2000 and 2019? (c) By how much did nominal GDP increase between 2000 and 2016? please explain the answer clearly.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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