What was nominal GDP in each year? What was real GDP in 2010, in terms of year 2000 dollars? What was realGDP growth over the period? Good/ServiceInternetserviceChickenPhonesGasolineSilver oreTVShoesTractorsPrice51216048012050202000Quantity202023010155015Price6201804829057252010Quantity402032512145516

Answered: What was nominal GDP in each year? What…

What was nominal GDP in each year? What was real GDP in 2010, in terms of year 2000 dollars? What was real GDP growth over the period?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What was nominal GDP in each year? What was real GDP in 2010, in terms of year 2000 dollars? What was real
GDP growth over the period?

Good/Service
Internet
service
Chicken
Phones
Gasoline
Silver ore
TV
Shoes
Tractors
Price
5
12
160
4
80
120
50
20
2000
Quantity
20
20
2
30
10
15
50
15
Price
6
20
180
4
82
90
57
25
2010
Quantity
40
20
3
25
12
14
55
16

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Step 2: Calculation of nominal GDP.

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Step 4: Calculation of growth rate of real GDP.

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