The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year. Instructions: Round your answers to one decimal place. Calculating the GDP Price Index Using Nominal and Real GDP Nominal GDP (billions of dollars) Real GDP (billions of Year dollars) GDP Price Index 2012 $14,708 $14,708 2013 15,265 15,111 2014 15,830 15,353 2015 16,488 15,709 2016 17,105 16,058

The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year. Instructions: Round your answers to one decimal place. Calculating the GDP Price Index Using Nominal and Real GDP Nominal GDP (billions of dollars) Real GDP (billions of Year dollars) GDP Price Index 2012 $14,708 $14,708 2013 15,265 15,111 2014 15,830 15,353 2015 16,488 15,709 2016 17,105 16,058

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer with full explanation and calculation Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.