The table shows this year's nominal GDP and price level. If nominal GDP increases by 4 percent and the price level goes u percent next year, calculate next year's nominal GDP, price level, and real GDP. Instructions: Round your responses for nominal and real GDP to one decimal place. Enter your response for the price leve number. Nominal GDP (in Billions) Real GDP (in Billions) Price Level This year $ 2,200.0 100 $ 2,200.0 Next year $ 2,288.0 102

Essentials of Economics (MindTap Course List)
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Author:N. Gregory Mankiw
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Chapter15: Measuring A Nation's Income
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The table shows this year's nominal GDP and price level. If nominal GDP increases by 4 percent and the price level goes up by 2
percent next year, calculate next year's nominal GDP, price level, and real GDP.
Instructions: Round your responses for nominal and real GDP to one decimal place. Enter your response for the price level as a whole
number.
Nominal GDP (in
Real GDP (in
Price Level
Billions)
Billions)
This year
$
2,200.0
100
$
2,200.0
Next year
$
2,288.0
102
Transcribed Image Text:The table shows this year's nominal GDP and price level. If nominal GDP increases by 4 percent and the price level goes up by 2 percent next year, calculate next year's nominal GDP, price level, and real GDP. Instructions: Round your responses for nominal and real GDP to one decimal place. Enter your response for the price level as a whole number. Nominal GDP (in Real GDP (in Price Level Billions) Billions) This year $ 2,200.0 100 $ 2,200.0 Next year $ 2,288.0 102
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