9 Complete the table.year 4year S1.15ycar 1year 2year 3year 6Price index11nominal GDP00814001500real GDPinflation rate| growth rate real GDP1000120012.5%1400XXX2.5%XXX052.5%10. Which year is the base year'?

The market value of all final goods and services produced in the economic territory of the country…

9 Complete the table. year 3 year S 15 ycar ycar 2 year 4 year 6 Price index nominal GDP 800 1400 1500 real GDP 1000 1200 12.5% 1400 inflation rate Lgrówth rate real GDP XXX 2.5% EXXX 05 2.5% 10. Which year is the base year?

9 Complete the table. year 3 year S 15 ycar ycar 2 year 4 year 6 Price index nominal GDP 800 1400 1500 real GDP 1000 1200 12.5% 1400 inflation rate Lgrówth rate real GDP XXX 2.5% EXXX 05 2.5% 10. Which year is the base year?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 16RQ: How do you convert a series of nominal economic data over time to real terms?

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Question

9 Complete the table.
year 4
year S
1.15
ycar 1
year 2
year 3
year 6
Price index
11
nominal GDP
008
1400
1500
real GDP
inflation rate
| growth rate real GDP
1000
1200
12.5%
1400
XXX
2.5%
XXX
05
2.5%
10. Which year is the base year'?

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