The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Nominal GDP, Price Index Year Real GDP, Billions Billions (2005-100) Effect on Nominal GDP 1978 2,293.80 40.40 1988 5,100.40 66.98 1998 8,793.50 85.51 2008 14,441.40 108.48 2018 20,501.00 128.59
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Nominal GDP, Price Index Year Real GDP, Billions Billions (2005-100) Effect on Nominal GDP 1978 2,293.80 40.40 1988 5,100.40 66.98 1998 8,793.50 85.51 2008 14,441.40 108.48 2018 20,501.00 128.59
Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:William J. Baumol, Alan S. Blinder
Chapter6: How Statisticians Measure Inflation
Section6.A: How Statisticians Measure Inflation
Problem 2TY
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Transcribed Image Text:The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in
each calculation whether you are inflating or deflating the nominal GDP data.
Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places.
Nominal GDP,
Price Index
Year
Real GDP, Billions
Billions
Effect on Nominal GDP
(2005-100)
1978
2,293.80
40.40
1988
5,100.40
66.98
1998
8,793.50
85.51
2008
14,441.40
108.48
2018
20,501.00
128.59
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