Page 551 7. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Nominal GDP, Price Index Real GDP, Year BIllons (2005 = 100) BIllons 1968 $ 909.8 22.01 1978 2,293.8 40.40 1988 5,100.4 66.98 1998 8,793.5 85.51 2008 14,441.4 108.48

Page 551 7. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Nominal GDP, Price Index Real GDP, Year BIllons (2005 = 100) BIllons 1968 $ 909.8 22.01 1978 2,293.8 40.40 1988 5,100.4 66.98 1998 8,793.5 85.51 2008 14,441.4 108.48

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question-1: Use the data from below table and calculate nominal GDP for each year. Calculate real GDP for each year using Year 2006 as the base year. 2006 2007 2008 Price Qty Price Qty Price Qty Good A Rs. 30 900 Rs. 31 1,000 Rs. 36 1,050 Good B Rs. 100 192 Rs.102 200 Rs. 100 205
(i) GDP Deflator for Year 1 (ii) GDP Deflator for Year 2
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The following table gives nominal GDP and the price index for two years. Find real GDP in each year, and fill in the table. (Round your answers to two decimal places.) Nominal GDP 9.900 Price index 105 Year Real GDP 2010 2011 11,385 109
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Year Real GDP, Billions Effect on Nominal GDP 1978 1988 1998 2008 2018 Nominal GDP Billions 2,293.80 5.100.40 8,793.50 14,441.40 20,501.00 Price Index (2005 - 100) 40.40 66.98 85.51 108.48 128.59
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4.
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