7. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data, Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. 0.74 points Real GDP, Billions Effect on Nominal GDP Year Book 1968 1978 1968 1995 2008 Nominal GDP Billions $914.80 2298.80 5105.40 8798 50 1446.40 Frice Index (2005 - 100) 24.01 42.40 58.90 87.51 110.48 Print aferences 6 The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollars. 0.71 points Value $80 30 Category Personal consumption expenditures Purchases of stocks and bonds Net exports Government purchases Sales of secondhand items Gross investment eBook -10 20 8 25 Print References Instructions: Enter your answer as a whole number What is the country's GDP for the year? billion The annual output and prices of a 3-good economy are shown in the table below. Good Price Year 1 Price Year 2 0.71 points Quantity of Goods Year 1 3 $5 $5 Quarts of ice cream Bottles of shampoo Jars of peanut butter Quantity of Goods Year 2 5 2 2 1 3 3 2 3 2 eBook Print Instructions: Enter your answers as whole numbers. References a. What was GDP in year 1? b. What was GDP in year 2? 4 Which of the following items will be included in official U.S. GDP statistics? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. 071 points Money spent to clean up a local toxic waste site in Ohio. Revenue generated by legal medical marijuana sales in California, Emily and Rhonda trading an hour of dance lessons for a haircut in Datos ook Revenue generated by illegal marijuana growers in Oregon Print Robert paying Ted for a haircut in Chicago, The dollar value of the annoyance felt by local citizens living near a noisy airport in Georgia References