### Economic Data Table (2001-2005)This table presents economic data from 2001 to 2005, focusing on Output, Price, Nominal GDP, and Real GDP. The table is structured as follows:- **Year**: This column lists the years from 2001 to 2005.- **Output**: Represents the quantity of goods or services produced in each year.- **Price**: The price level of the goods or services for each year.- **Nominal GDP**: The gross domestic product calculated at current prices for each year.- **Real GDP**: The gross domestic product adjusted for inflation, reflecting constant prices.| Year | Output | Price | Nom. GDP | Real GDP ||------|--------|--------|-----------|-----------|| 2001 | 50 | $23.00 | $1,150.00 | $1,350.00 || 2002 | 52 | $27.00 | $1,404.00 | $1,404.00 || 2003 | 53 | $30.00 | $1,590.00 | $1,431.00 || 2004 | 51 | $34.00 | $1,734.00 | $1,377.00 || 2005 | 56 | $31.00 | $1,736.00 | $1,512.00 |### Analysis Question**Was the economy better off in 2003 or 2004? Explain.**#### Considerations:- **Nominal vs Real GDP**: Nominal GDP in 2004 was higher compared to 2003 ($1,734.00 vs. $1,590.00), which might indicate improved economic performance in monetary terms. However, Real GDP, which accounts for inflation, was slightly lower in 2004 compared to 2003 ($1,377.00 vs $1,431.00), suggesting a decrease in the value of goods and services produced when inflation is considered.- **Output and Price**: The output was higher in 2003 (53 units) compared to 2004 (51 units), although the price level also increased from $30.00 to $34.00 in these years. This indicates that the reduction in output paired with higher prices may have led to the perception of economic stagnation or

The better off or worse off can be seen from the real GDP. If real GDP increases, the economy is…

Year 2001 2002 2003 2004 2005 Output Price Nom. GDP Real GDP 50 $23.00 $1,150.00 $1,350.00 52 $ 27.00 $1,404.00 $1,404.00 53 $ 30.00 $1,590.00 $1,431.00 51 $ 34.00 $1,734.00 $1,377.00 56 $31.00 $1,736.00 $1,512.00 Was the economy better off in 2003 or 2004? Explain

Year 2001 2002 2003 2004 2005 Output Price Nom. GDP Real GDP 50 $23.00 $1,150.00 $1,350.00 52 $ 27.00 $1,404.00 $1,404.00 53 $ 30.00 $1,590.00 $1,431.00 51 $ 34.00 $1,734.00 $1,377.00 56 $31.00 $1,736.00 $1,512.00 Was the economy better off in 2003 or 2004? Explain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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