Homework Help is Here – Start Your Trial Now!
Business
Economics
shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal G while real GDP TABLE 1 Year Nominal GDP Real GDP 1978 $2296 S4761 1979 $2566 S4912 1980 S2796 S4901 1981 S3131 S5021 1982 S3259 $4919 1983 S3535 S5132

shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal G while real GDP TABLE 1 Year Nominal GDP Real GDP 1978 $2296 S4761 1979 $2566 S4912 1980 S2796 S4901 1981 S3131 S5021 1982 S3259 $4919 1983 S3535 S5132

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

5ñ

TABLE 1 shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal GDP while real GDP TABLE 1 Year Nominal GDP Real GDP 1978 S2296 $4761 1979 S2566 $4912 1980 S2796 S4901 1981 S3131 S5021 1982 S3259 S4919 1983 S3535 $5132 O Increased by more than 50%, increased slightly O Increased slightly, increased by more than 50% O Rose each year, also rose each year O Remained relatively unchanged, also remained relatively unchanged
Transcribed Image Text:TABLE 1 shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal GDP while real GDP TABLE 1 Year Nominal GDP Real GDP 1978 S2296 $4761 1979 S2566 $4912 1980 S2796 S4901 1981 S3131 S5021 1982 S3259 S4919 1983 S3535 $5132 O Increased by more than 50%, increased slightly O Increased slightly, increased by more than 50% O Rose each year, also rose each year O Remained relatively unchanged, also remained relatively unchanged
From TABLE 1, we can see that between 1981 and 1982, nominal GDP (NGDP) rose from $3,131 billion to $3,259 billion, while real GDP (RGDP) fell from $5,021 billion to $4,919 billion. Which statement provides a plausible explanation for this? TABLE 1 Year Nominal GDP Real GDP 1978 S2296 S4761 1979 S2566 S4912 1980 $2796 $4901 1981 S3131 S5021 1982 S3259 S4919 1983 S3535 $5132 O Both NGDP and prices rose between 1981 and 1982. O NGDP rose and prices fell between 1981 and 1982. O Both NGDP and prices fellI between 1981 and 1982. O NGDP fell and prices rose between 1981 and 1982.
Transcribed Image Text:From TABLE 1, we can see that between 1981 and 1982, nominal GDP (NGDP) rose from $3,131 billion to $3,259 billion, while real GDP (RGDP) fell from $5,021 billion to $4,919 billion. Which statement provides a plausible explanation for this? TABLE 1 Year Nominal GDP Real GDP 1978 S2296 S4761 1979 S2566 S4912 1980 $2796 $4901 1981 S3131 S5021 1982 S3259 S4919 1983 S3535 $5132 O Both NGDP and prices rose between 1981 and 1982. O NGDP rose and prices fell between 1981 and 1982. O Both NGDP and prices fellI between 1981 and 1982. O NGDP fell and prices rose between 1981 and 1982.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS