shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal G while real GDP TABLE 1 Year Nominal GDP Real GDP 1978 $2296 S4761 1979 $2566 S4912 1980 S2796 S4901 1981 S3131 S5021 1982 S3259 $4919 1983 S3535 S5132
shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal G while real GDP TABLE 1 Year Nominal GDP Real GDP 1978 $2296 S4761 1979 $2566 S4912 1980 S2796 S4901 1981 S3131 S5021 1982 S3259 $4919 1983 S3535 S5132
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 11CQ
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Transcribed Image Text:TABLE 1 shows the nominal and real GDP for the United States between 1978 and 1983. All figures are in billions of dollars and the base year is 1996. Choose the pair of choices that accurately fills the following blanks: From 1978 to 1983, nominal GDP
while real GDP
TABLE 1
Year
Nominal GDP
Real GDP
1978
S2296
$4761
1979
S2566
$4912
1980
S2796
S4901
1981
S3131
S5021
1982
S3259
S4919
1983
S3535
$5132
O Increased by more than 50%, increased slightly
O Increased slightly, increased by more than 50%
O Rose each year, also rose each year
O Remained relatively unchanged, also remained relatively unchanged
Transcribed Image Text:From TABLE 1, we can see that between 1981 and 1982, nominal GDP (NGDP) rose from $3,131 billion to $3,259 billion, while real GDP (RGDP) fell from $5,021 billion to $4,919 billion. Which statement provides a plausible explanation for this?
TABLE 1
Year
Nominal GDP
Real GDP
1978
S2296
S4761
1979
S2566
S4912
1980
$2796
$4901
1981
S3131
S5021
1982
S3259
S4919
1983
S3535
$5132
O Both NGDP and prices rose between 1981 and 1982.
O NGDP rose and prices fell between 1981 and 1982.
O Both NGDP and prices fellI between 1981 and 1982.
O NGDP fell and prices rose between 1981 and 1982.
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