Use the data in the table below to answer the following questions: Nominal GDP (in Billions) $14,062 $14,369 Year Price Index 2007 100.0 2008 102.2 Instructions: Enter your responses rounded to the nearest billion. a. What is real GDP in 2008, at prices of 2007? billon b. What is real GDP in 2007, at prices of 2008? billion
Use the data in the table below to answer the following questions: Nominal GDP (in Billions) $14,062 $14,369 Year Price Index 2007 100.0 2008 102.2 Instructions: Enter your responses rounded to the nearest billion. a. What is real GDP in 2008, at prices of 2007? billon b. What is real GDP in 2007, at prices of 2008? billion
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 9WNG
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Explain it correctly both a and b
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