Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate Real GDP? Year Nominal GDP (billions of dollars) GDP Deflator (2005 = 100) Calculations Real GDP (billions of 2005 dollars) 1990 5979.6 72.7

Calculate Real GDP? 

 
Year

Nominal GDP

(billions of dollars)

GDP Deflator

(2005 = 100)

Calculations

Real GDP

(billions of 2005 dollars)

1990 5979.6 72.7 5,979.6 / (72.7/100) _________
1995 7664.0 82.0 7,664 / (82.0/100) _________
2000 10289.7 89.0 10,289.7 / (89.0/100) _________
2005 13095.4 100.0 13,095.4 / (100.0/100) _________
2010 14958.3 110.0 14,958.3 / (110.0/100) _________

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Find Real GDP Formula is Nominal GDPGDP deflator100 Rea... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Economics

Authors: OpenStax

2nd Edition

1506699863, 978-1506699868

More Books

Students also viewed these Economics questions

Question

What do you need to know about motivation to solve these problems?

Answered: 1 week ago

Question

Write each fraction as a percent. 7 50

Answered: 1 week ago

Question

What is a production technology?

Answered: 1 week ago

Question

Explain the concept of World Class Manufacturing. AppendixLO1

Answered: 1 week ago