a) From 2007 Q4 through 2009 Q2, real GDP grew by b) Over the same period, price level grew by 1.83 -3.98 % (give your answer to two decimal places). % (give your answer to two decimal places).
a) From 2007 Q4 through 2009 Q2, real GDP grew by b) Over the same period, price level grew by 1.83 -3.98 % (give your answer to two decimal places). % (give your answer to two decimal places).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![The table below reports quarterly GDP and real GDP data for the United States during the Great Recession, which lasted from the end
of 2007 to mid-2009.
Period
Nominal GDP (in bilions) Real GDP (in billions)
2007 Q4
$14,681.5
$15,762.0
2008 Q1
$14,651.0
$15,671.4
2008 Q2
$14,805.6
$15,752.3
2008 Q3
$14,835.2
$15,667.0
2008 Q4
$14,559.5
$15,328.0
2009 Q1
$14,394.5
$15,155.9
2009 Q2
$14,352.9
$15,134.1
a) From 2007 Q4 through 2009 Q2, real GDP grew by
-3.98
% (give your answer to two decimal places).
b) Over the same period, price level grew by 1.83
% (give your answer to two decimal places).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F00f954f5-d7e4-4a3e-b75a-7f101b5e4a29%2F04b06b6a-87f2-49c5-b775-03bce7cb4cb4%2Fc76fgb6_processed.png&w=3840&q=75)
Transcribed Image Text:The table below reports quarterly GDP and real GDP data for the United States during the Great Recession, which lasted from the end
of 2007 to mid-2009.
Period
Nominal GDP (in bilions) Real GDP (in billions)
2007 Q4
$14,681.5
$15,762.0
2008 Q1
$14,651.0
$15,671.4
2008 Q2
$14,805.6
$15,752.3
2008 Q3
$14,835.2
$15,667.0
2008 Q4
$14,559.5
$15,328.0
2009 Q1
$14,394.5
$15,155.9
2009 Q2
$14,352.9
$15,134.1
a) From 2007 Q4 through 2009 Q2, real GDP grew by
-3.98
% (give your answer to two decimal places).
b) Over the same period, price level grew by 1.83
% (give your answer to two decimal places).
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