9 YearNominal GDPPrice Index$ 3,1661003,4021043,77410843,989112Refer to the accompanying data, using year 1 as the base year. All dollars are in billions. Real GDPincreased from year 3 to year 4 by approximatelyMultiple Choice$215 billion.$75 billion.$68 billion.$98 billion.

Name: 9 YearNominal GDPPrice Index$ 3,1661003,4021043,77410843,989112Refer t
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Description: 9 YearNominal GDPPrice Index$ 3,1661003,4021043,77410843,989112Refer to the accompanying data, using year 1 as the base year. All dollars are in billions. Real GDPincreased from year 3 to year 4 by approximatelyMultiple Choice$215 billion.$75 billion

Answer: Let us use the following formula to find the real GDP: Price index=Nominal GDPReal…

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Economics

Year Nominal GDP Price Index $ 3,166 100 2 3,402 104 3 3,774 108 4 3,989 112 Refer to the accompanying data, using year 1 as the base year. All dollars are in billions. Real increased from year 3 to year 4 by approximately Multiple Choice $215 billion. $75 billion. $68 billion. $98 billion.

Year Nominal GDP Price Index $ 3,166 100 2 3,402 104 3 3,774 108 4 3,989 112 Refer to the accompanying data, using year 1 as the base year. All dollars are in billions. Real increased from year 3 to year 4 by approximately Multiple Choice $215 billion. $75 billion. $68 billion. $98 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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Year
Nominal GDP
Price Index
$ 3,166
100
3,402
104
3,774
108
4
3,989
112
Refer to the accompanying data, using year 1 as the base year. All dollars are in billions. Real GDP
increased from year 3 to year 4 by approximately
Multiple Choice
$215 billion.
$75 billion.
$68 billion.
$98 billion.

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