The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008, and 2018. The U.S. price level rose consistently over the period 1968–2018. YearNominal GDP(billions of dollars)Real GDP(billions of 2012dollars)Population(thousands)1968$941$4,792200,74519782,3526,569222,62919885,2368,866245,06119989,06312,038276,154200814,71315,605304,543201820,58018,638327,436 c. Calculate real GDP per capita for the following years.Round answers to the nearest dollar.Real GDP per capita in 1978:________Real GDP per capita in 1988:________Real GDP per capita in 2008:________Real GDP per capita in 2018:________

The gross domestic product (GDP) per capita is the GDP per person of the country. It can be…

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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

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The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008, and 2018. The U.S. price level rose consistently over the period 1968–2018.

Year	Nominal GDP (billions of dollars)	Real GDP (billions of 2012 dollars)	Population (thousands)
1968	$941	$4,792	200,745
1978	2,352	6,569	222,629
1988	5,236	8,866	245,061
1998	9,063	12,038	276,154
2008	14,713	15,605	304,543
2018	20,580	18,638	327,436

c. Calculate real GDP per capita for the following years.

Round answers to the nearest dollar.

Real GDP per capita in 1978:________

Real GDP per capita in 1988:________

Real GDP per capita in 2008:________

Real GDP per capita in 2018:________

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