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computing real GDP and price index.

 

The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each compute whether you are inflating or deflating the nominal GDP data. 

Product Price  Quality Demanded
$5 1
4 2
3 3
2 4
Year Nominal GDP Billions, Price Index (1996 = 100) Real GDP, Billions
1960 $527.40 22.19 $____
1968 911.5 26.29 $____
1978 2295.9 48.22 $____
1988 4742.5 80.22 $____
1998 8790.2 103.22 $____
 

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M920808

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