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. Nominal GDP, Price Index Year Real GDP, Billions Billions (2005-100) Effect on Nominal GDP 1978 2,293.80 40.40 1988 5,100.40 66.98 1998 8,793.50 85.51 2008 14,441.40 108.48 2018 20,501.00 128.59

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. Nominal GDP, Price Index Year Real GDP, Billions Billions (2005-100) Effect on Nominal GDP 1978 2,293.80 40.40 1988 5,100.40 66.98 1998 8,793.50 85.51 2008 14,441.40 108.48 2018 20,501.00 128.59

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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