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Consider the following data for the United States: Date: Nominal GDP (Billions per year) Price Index (base year 2010) Real GDP (Billions of dollars per
Consider the following data for the United States:
Date: Nominal GDP (Billions per year) Price Index (base year 2010) Real GDP (Billions of dollars per year, in constant 2009 dollars)
2013 16,785 97.10 16,495
2014 17,522 98.94 16,900
2015 18,219 100.00 17,387
Assuming the base year is now 2015, complete the following (enter your responses rounded to one decimal place):
a.) Recalculate the price index for years 2013, 2014, 2015.
b.) Recalculate the real GDP for the years 2013, 2014, 2015.
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