Problem #3 SHOW ALL MATH>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Fill i
ID: 1168068 • Letter: P
Question
Problem #3 SHOW ALL MATH>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Fill in the blanks on this table:
Nominal GDP Price level Real GDP
Year (billions) index (billions)
1959 494.2 25.6 1,930.4
1964 648.0 _____ 2,339.4
1967 814.3 30.3 2687.4
1973 1,349.6 41.3 3267.7
1978 2,232.7 _____ 3,702.7
1988 4,900.4 _____ 4,716.5
1991 5,724.8 117.6 4868.0
Explanation / Answer
Real GDP= (Nominal GDP/ Price)*100
Real GDP in 1964
2339.4=648*100/Price Level
Price Level=Nominal GDP/ Real GDP =648*100/2339.4= 27.70
Real GDP in 1978
3702.7=2232.7*100/Price Level
Price Level=Nominal GDP/ Real GDP =2232.7*100/3702.7= 60.30
Real GDP in 1988
4716.5=4900.4*100/Price Level
Price Level=Nominal GDP/ Real GDP 4900.4*100/4716.5=103.90
Nominal GDP Price level Real GDP Year (billions) index (billions) 1959 494.2 25.6 1930.4 1964 648.0 27.7 2339.4 1967 814.3 30.3 2687.4 1973 1349.6 41.3 3267.7 1978 2232.7 60.3 3702.7 1988 4900.4 103.9 4716.5 1991 5724.8 117.6 4868.0Related Questions
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