Page 551 7. 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. Nominal GDP, Price Index Real GDP, Year BIllons (2005 = 100) BIllons 1968 $ 909.8 22.01 1978 2,293.8 40.40 1988 5,100.4 66.98 1998 8,793.5 85.51 2008 14,441.4 108.48

Page 551 7. 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. Nominal GDP, Price Index Real GDP, Year BIllons (2005 = 100) BIllons 1968 $ 909.8 22.01 1978 2,293.8 40.40 1988 5,100.4 66.98 1998 8,793.5 85.51 2008 14,441.4 108.48

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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Similar questions

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