The following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Round your answers to one decimal place. Year 1981 1991 2001 2008 2011 2020 Nominal GDP (billions) 365.3 701.8 1144.5 1657.0 1774.1 2307.4 GDP deflator (2012 = 100) 46.3 68.7 81.1 94.1 99.4 110.4 $ $ $ $ $ $ Real GDP (billions) Effect on Nominal GDP (Click to select) ✓ V (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓

The following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Round your answers to one decimal place. Year 1981 1991 2001 2008 2011 2020 Nominal GDP (billions) 365.3 701.8 1144.5 1657.0 1774.1 2307.4 GDP deflator (2012 = 100) 46.3 68.7 81.1 94.1 99.4 110.4 $ $ $ $ $ $ Real GDP (billions) Effect on Nominal GDP (Click to select) ✓ V (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓ (Click to select) ✓

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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