ms ol declares in re. GDP and n reases in the unemployment rate Use Pe data n th

Question

ms ol declares in re. GDP and n reases in the unemployment rate Use Pe data n the l long table to ca kulate he centage ision was the worst economic dsaster i, us history in decine in real GDP between 1929 and 1933. Nominal GDP GDP Price Dellator Year 1929 933 (2009 100) (Billions of Dollars) 104 6 57.2 9.9 7.4 Sounce: U.S. Burem of Economic Analysis Real GOP changed by oer he 4 year period between 1929 and 193 (Enber a percentage vake rounded to one decomal placo. Inchale a minus sign &necessary;

Explanation / Answer

Real GDP in 1929 = ( Nominal GDP / GDP deflator) x 100

Real GDP in 1929 = ( $ 104.6 / 9.9) x 100

Real GDP in 1929 = $ 1056.57

Real GDP in 1933 = ( 57.2 / 7.4) x 100

Real GDP in 1933 = $ 772.97

% change in real GDP = ($ 772.97 - $ 1056.57) / $ 1056.57

% change in real GDP = -26.8 %

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