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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Question
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
(in Billions of (Price Index,
Dollars) (2012= 100)
9,817
78.1
10,128
79.8
10,469
81.1
10,960
82.6
11,685
84.8
12,422
87.4
13,178
90.1
13,808
92.5
14,291
94.3
13,939
95.0
14,524
96.1
15,518
98.1
16,163
100.0
16,768
101.8
17,393
103.6
18,037
104.6
18,954
105.7
19,543
107.7
20,612
110.3
21,433
112.3
Instructions: 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 billion
billion
Transcribed Image Text:Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (in Billions of (Price Index, Dollars) (2012= 100) 9,817 78.1 10,128 79.8 10,469 81.1 10,960 82.6 11,685 84.8 12,422 87.4 13,178 90.1 13,808 92.5 14,291 94.3 13,939 95.0 14,524 96.1 15,518 98.1 16,163 100.0 16,768 101.8 17,393 103.6 18,037 104.6 18,954 105.7 19,543 107.7 20,612 110.3 21,433 112.3 Instructions: 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 billion billion
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