Real-Time Data Analysis Exercise* Consider the following data for the United States: Nominal GDP (billions of dollars per year) 20,657 21,521 21,323 Date 2018 2019 2020 Real GDP (billions of dollars per year, in constant 2009 dollars) Price Index (base year 2010) 105.40 20,194 107.29 20,692 108.69 20,234 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Assuming the base year is now 2020, complete the following (enter your responses rounded to one decimal place a. Recalculate the price index for years 2018, 2019 and 2020. b. Recalculate the real GDP for the years 2018, 2019, 2020.

Real-Time Data Analysis Exercise* Consider the following data for the United States: Nominal GDP (billions of dollars per year) 20,657 21,521 21,323 Date 2018 2019 2020 Real GDP (billions of dollars per year, in constant 2009 dollars) Price Index (base year 2010) 105.40 20,194 107.29 20,692 108.69 20,234 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Assuming the base year is now 2020, complete the following (enter your responses rounded to one decimal place a. Recalculate the price index for years 2018, 2019 and 2020. b. Recalculate the real GDP for the years 2018, 2019, 2020.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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