The following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Round your answers to one decimal place. Year 1981 1991 2001 2008 2011 2020 Nominal GDP (billions) 365.3 701.8 1144.5 1657.0 1774.1 2307.4 GDP deflator (2012 = 100) 46.3 68.7 81.1 94.1 99.4 110.4 $ $ $ $ $ $ Real GDP (billions) Effect on Nominal GDP (Click to select) ✓ V (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓

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The following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each
calculation whether you are inflating or deflating the nominal GDP data.
Instructions: Round your answers to one decimal place.
Year
1981
1991
2001
2008
2011
2020
Nominal
GDP
(billions)
365.3
701.8
1144.5
1657.0
1774.1
2307.4
GDP
deflator
(2012 = 100)
46.3
68.7
81.1
94.1
99.4
110.4
$
$
$
$
$
$
Real GDP
(billions)
Effect on
Nominal GDP
(Click to select) ✓
(Click to select) ✓
(Click to select) ✓
(Click to select) ✓
(Click to select) ✓
(Click to select) ✓
Transcribed Image Text:The following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Round your answers to one decimal place. Year 1981 1991 2001 2008 2011 2020 Nominal GDP (billions) 365.3 701.8 1144.5 1657.0 1774.1 2307.4 GDP deflator (2012 = 100) 46.3 68.7 81.1 94.1 99.4 110.4 $ $ $ $ $ $ Real GDP (billions) Effect on Nominal GDP (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓
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