Table 23-3The following table reports nominal and real GDP for the U.S. from 1929 to 1932.Year1929193019311932Nominal GDP(Billions of dollars)103.691.276.558.7Real GDP(Billions of dollars)977892.8834.9725.8Refer to Table 23-3. What was the growth rate of real GDP for 1930?-9.43%. Nominal GDP is a better gauge of economic well-being than real GDP.-9.43%. Real GDP is a better gauge of economic well-being than nominal GDP.-8.62%. Nominal GDP is a better gauge of economic well-being than real GDP.-8.62%. Real GDP is a better gauge of economic well-being than nominal GDP.

Gross domestic product (GDP) measures the market value of final goods and services produced within…

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What was the growth rate of real GDP for 1930? 1 GDP is a better gauge of economic well-being than real GDP.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

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Question

Table 23-3
The following table reports nominal and real GDP for the U.S. from 1929 to 1932.
Year
1929
1930
1931
1932
Nominal GDP
(Billions of dollars)
103.6
91.2
76.5
58.7
Real GDP
(Billions of dollars)
977
892.8
834.9
725.8
Refer to Table 23-3. What was the growth rate of real GDP for 1930?
-9.43%. Nominal GDP is a better gauge of economic well-being than real GDP.
-9.43%. Real GDP is a better gauge of economic well-being than nominal GDP.
-8.62%. Nominal GDP is a better gauge of economic well-being than real GDP.
-8.62%. Real GDP is a better gauge of economic well-being than nominal GDP.

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