The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year. Instructions: Round your answers to one decimal place. Calculating the GDP Price Index Using Nominal and Real GDP Nominal GDP (billions of dollars) Real GDP (billions of Year dollars) GDP Price Index 2012 $14,708 $14,708 2013 15,265 15,111 2014 15,830 15,353 2015 16,488 15,709 2016 17,105 16,058
The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year. Instructions: Round your answers to one decimal place. Calculating the GDP Price Index Using Nominal and Real GDP Nominal GDP (billions of dollars) Real GDP (billions of Year dollars) GDP Price Index 2012 $14,708 $14,708 2013 15,265 15,111 2014 15,830 15,353 2015 16,488 15,709 2016 17,105 16,058
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 5PA
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