Year Nominal GDP Price Index Real GDP Economic Growth in Real GDP 2018 20,500 98 2019 21,290 100 2020 21,800 103 2021 23,480 106 2022 24,820 104 Refer to the table above. Round real GDP to the nearest dollar, but round economic growth to the nearest tenth of a percent. In 2020, real GDP was and economic growth was percent, a) 20,050; -1.1 b) 21,290; 1.8 c) 21,165; -0.6 d) 22,230; 0.3
Year Nominal GDP Price Index Real GDP Economic Growth in Real GDP 2018 20,500 98 2019 21,290 100 2020 21,800 103 2021 23,480 106 2022 24,820 104 Refer to the table above. Round real GDP to the nearest dollar, but round economic growth to the nearest tenth of a percent. In 2020, real GDP was and economic growth was percent, a) 20,050; -1.1 b) 21,290; 1.8 c) 21,165; -0.6 d) 22,230; 0.3
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
![Year
Nominal GDP
Price Index
Real GDP
Economic
Growth in Real
GDP
2018
20,500
98
2019
21,290
100
2020
21,800
103
2021
23,480
106
2022
24,820
104
Refer to the table above. Round real GDP to the nearest dollar, but round economic
growth to the nearest tenth of a percent. In 2020, real GDP was
and economic
growth was
percent,
a) 20,050; -1.1
b) 21,290; 1.8
c) 21,165; -0.6
d) 22,230; 0.3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf60fab5-b02f-4779-b585-6f797f44147a%2F78b36bf0-f8db-4d48-a158-3aef240107c3%2Fosqovqi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Year
Nominal GDP
Price Index
Real GDP
Economic
Growth in Real
GDP
2018
20,500
98
2019
21,290
100
2020
21,800
103
2021
23,480
106
2022
24,820
104
Refer to the table above. Round real GDP to the nearest dollar, but round economic
growth to the nearest tenth of a percent. In 2020, real GDP was
and economic
growth was
percent,
a) 20,050; -1.1
b) 21,290; 1.8
c) 21,165; -0.6
d) 22,230; 0.3
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