For the next four questions, you will need to use data on gross domestic product. Specifically, you will need NIPA table 1.1.5 (Nominal Gross Domestic Product), and NIPA table 1.1.6 (Real Gross Domestic Product, Chained dollars). I have posted the tables to make it easier for you to access (files named NGDP.xlsx and RGDP.xlsx). Notice table 1.1.6 is chained to 2009 dollars (billions), meaning that 2009 is the base year. The data you will be working with is the first row of data from each table.

1- Based on these data, indicate one year in which nominal GDP growth was positive, while real GDP growth was negative? (indicate your answer in the YYYY format. For example, 1999)

2- Nominal GDP and real GDP in 1929 were quite different. One was many times larger than the other. Which one was larger and by approximately how much?

Nominal GDP was approximately 20 times larger than real GDP

Real GDP was approximately 20 times larger than nominal GDP

Nominal GDP was approximately 10 times larger than real GDP

Real GDP was approximately 10 times larger than nominal GDP

3-Suppose we want to use 2010 as the base year instead of 2009. Using 2010 as a base, how much is real GDP in 2012 (use two decimals)?

4- Suppose we want to use 2010 as the base year instead of 2009. Using 2010 as a base, how much is real GDP in 2005 (use two decimals)?

Nominal Gross Domestic Product?

Real Gross Domestic Product?

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