TABLE 3.8 Nominal and Real Gross domestic product, 1959-2005 [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]; RGDP in billions of chained (2000) dollars Year NGDP RGDP 1959 506.6 2,441.3 1960 526.4 2,501.8 1961 544.7 2,560.0 1962 585.6 2,715.2 1963 617.7 2,834.0 1964 663.6 2,998.6 1965 719.1 3,191.1 1966 787.8 3,399.1 1967 832.6 3,484.6 1968 910.0 3,652.7 1969 984.6 3,765.4 1970 1,038.5 3,771.9 1971 1,127.1 3,898.6 1972 1,238.3 4,105.0 1973 1,382.7 4,341.5 1974 1,500.0 4,319.6 1975 1,638.3 4,311.2 1976 1,825.3 4,540.9 1977 2,030.9 4,750.5 1978 2,294.7 5,015.0 1979 2,563.3 5,173.4 1980 2,789.5 5,161.7 1981 3,128.4 5,291.7 1982 3,255.0 5,189.3 1983 3,536.7 5,423.8 1984 3,933.2| 5,813.6
TABLE 3.8 Nominal and Real Gross domestic product, 1959-2005 [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]; RGDP in billions of chained (2000) dollars Year NGDP RGDP 1959 506.6 2,441.3 1960 526.4 2,501.8 1961 544.7 2,560.0 1962 585.6 2,715.2 1963 617.7 2,834.0 1964 663.6 2,998.6 1965 719.1 3,191.1 1966 787.8 3,399.1 1967 832.6 3,484.6 1968 910.0 3,652.7 1969 984.6 3,765.4 1970 1,038.5 3,771.9 1971 1,127.1 3,898.6 1972 1,238.3 4,105.0 1973 1,382.7 4,341.5 1974 1,500.0 4,319.6 1975 1,638.3 4,311.2 1976 1,825.3 4,540.9 1977 2,030.9 4,750.5 1978 2,294.7 5,015.0 1979 2,563.3 5,173.4 1980 2,789.5 5,161.7 1981 3,128.4 5,291.7 1982 3,255.0 5,189.3 1983 3,536.7 5,423.8 1984 3,933.2| 5,813.6
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Problem: Nominal and Real
Please explain the solution in detail. Thank you!
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 1 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
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)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
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-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education