Real-Time Data Analysis ExerciseThe following table contains data for nominal GDP, real GDP, andpotential real GDP from FRED* for the fourth quarter of 2020.U.S. GDP Data21,496-ValueSeries(in billions)20,597-Nominal GDP$21,487.919,698-Real GDP$18,783.918,799-Potential real GDP$19414.26 17,900-A variable identified as real is one that is measured in base-year dollars.17,001-16,102-Using the data above, calculate the following: (Enter your responses roundedto two decimal places.) A15,203-14,304The GDP deflator is 114.4013,405-12,506Q4: 1404: 1604: 1804: 20Relative to potential real GDP, real GDP is 3.25 percent below potential realGDP.*Real-time data provided by Federal Reserve Economic Data (FRED), FederalReserve Bank of Saint Louis.On the graph to the right, potential real GDP is theV curve, nominal GDPis theV curve, and real GDP is thecurveGDP options are Blue,Grey or Red.nominal GDP is the.(options are BlueGrey Red)The real GDP is the(options are Blue greyRed)GDP (billions of dollars)

The GDP (gross domestic product) price deflator estimates changes in the prices of all the goods and…

Real-Time Data Analysis Exercise The following table contains data for nominal GDP. real GDP, and potential real GDP from FRED" for the fourth quarter of 2020. U.S. GDP Data 21,496 Value Series 20.597- (in billions) $21,487.9 Nominal GDP Real GDP Potential real GDP * 19.690 $18,783.9 18.799 $19414.2 S 17.900 A variable identified as real is one that is measured in base-year dollars. 17.001- 16,102 Using the data above, calculate the following (Enter your responses raunded to two decimal places) 15.203 14,304 The GDP deflator is 114.40 . 13,405 12.506 Relative to potential real GDP, real GDP is 3.25 percent below potential real 04 1404 104 104 20 GDP. "Real-time data provided by Federal Reserve Economic Data (FRED). Federal On the graph to the right, potential real GDP is the curve, nominal GDP Reserve Bank of Saint Louis. is the curve, and real GDP is the curve. GDP options are Blue, Grey or Red. nominal GDP is the -(options are Blue Grey Red) The real GDP is the (options are Blue grey Red) GDP (bilions of dollars)

Real-Time Data Analysis Exercise The following table contains data for nominal GDP. real GDP, and potential real GDP from FRED" for the fourth quarter of 2020. U.S. GDP Data 21,496 Value Series 20.597- (in billions) $21,487.9 Nominal GDP Real GDP Potential real GDP * 19.690 $18,783.9 18.799 $19414.2 S 17.900 A variable identified as real is one that is measured in base-year dollars. 17.001- 16,102 Using the data above, calculate the following (Enter your responses raunded to two decimal places) 15.203 14,304 The GDP deflator is 114.40 . 13,405 12.506 Relative to potential real GDP, real GDP is 3.25 percent below potential real 04 1404 104 104 20 GDP. "Real-time data provided by Federal Reserve Economic Data (FRED). Federal On the graph to the right, potential real GDP is the curve, nominal GDP Reserve Bank of Saint Louis. is the curve, and real GDP is the curve. GDP options are Blue, Grey or Red. nominal GDP is the -(options are Blue Grey Red) The real GDP is the (options are Blue grey Red) GDP (bilions of dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Real-Time Data Analysis Exercise The following table contains data for nominal GDP, real GDP, and potential real GDP from FRED* for the fourth quarter of 2020. U.S. GDP Data Value (in billions) $21,487.9 21,496- Series 20,597- Nominal GDP 19,698 Real GDP Potential real GDP $18,783.9 $19414.2 18,799- 5 17,900- A variable identified as real is one that is measured in V dollars. 17,001- 16,102- base-year 15,203- current 14,304- 13.405- 12,506- Q4: 1404: 1624: 1804: 20 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. GDP (billions of dollars)
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