Problem 07-07 (algo) 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, Billions Price Index (2005 = 100) Year Real GDP, Billions Effect on Nominal GDP 1978 $2,303.80 42.4 increase / inflating 1988 5,110.40 68.98 increase / inflating 1998 8,803.50 87.51 increase / inflating 2008 14,451.40 110.48 decrease / deflating 2018 20,501.00 130.09 decrease / deflating

Problem 07-07 (algo) 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, Billions Price Index (2005 = 100) Year Real GDP, Billions Effect on Nominal GDP 1978 $2,303.80 42.4 increase / inflating 1988 5,110.40 68.98 increase / inflating 1998 8,803.50 87.51 increase / inflating 2008 14,451.40 110.48 decrease / deflating 2018 20,501.00 130.09 decrease / deflating

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?

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Exercise A3 What dome slices of a pie chart represent?
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