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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education