Year20002001200220032004200520062007200820092010201120122013201420152016201720182019(in Billions of (Price Index,Dollars) (2012= 100)9,81778.110,12879.810,46981.110,96082.611,68584.812,42287.413,17890.113,80892.514,29194.313,93995.014,52496.115,51898.116,163100.016,768101.817,393103.618,037104.618,954105.719,543107.720,612110.321,433112.3Instructions: Round your responses to the nearest billion. If you are entering any negative numbers be sure to include a negative sign(-) in front of those numbers.a. Calculate real GDP for 2018 using 2008 prices.15402 billion$b. By how much did real GDP increase between 2008 and 2018?$c. By how much did nominal GDP increase between 2008 and 2018?$-3532 billionbillion

Real GDP is the total economic output of a country adjusted for the price change. It signifies the…

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (in Billions of Dollars) 9,817 10,128 10,469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,954 19,543 20,612 21,433 Instructions: Round your responses to the nearest billion. If you are entering any negative numbers be sure to include a negative sig (-) in front of those numbers. a. Calculate real GDP for 2018 using 2008 prices. (Price Index, (2012 = 100) 78.1 79.8 81.1 82.6 84.8 87.4 90.1 92.5 94.3 95.0 96.1 98.1 100.0 101.8 103.6 104.6 105.7 107.7 110.3 112.3 $ b. By how much did real GDP increase between 2008 and 2018? $ -3532 billion c. By how much did nominal GDP increase between 2008 and 2018? $ 15402 billion billion

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (in Billions of Dollars) 9,817 10,128 10,469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,954 19,543 20,612 21,433 Instructions: Round your responses to the nearest billion. If you are entering any negative numbers be sure to include a negative sig (-) in front of those numbers. a. Calculate real GDP for 2018 using 2008 prices. (Price Index, (2012 = 100) 78.1 79.8 81.1 82.6 84.8 87.4 90.1 92.5 94.3 95.0 96.1 98.1 100.0 101.8 103.6 104.6 105.7 107.7 110.3 112.3 $ b. By how much did real GDP increase between 2008 and 2018? $ -3532 billion c. By how much did nominal GDP increase between 2008 and 2018? $ 15402 billion billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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