Question
Refer to the table to answer the following questions. Year Nominal GDP (in billions) Total Federal Spending (in billions) Real GDP (in billions) Real Federal
Refer to the table to answer the following questions.
Year | Nominal GDP (in billions) | Total Federal Spending (in billions) | Real GDP (in billions) | Real Federal Spending (in billions) |
2000 | 9,817 | 578 | 11,216.4 | 698 |
2001 | 10,128 | 612 | 11,337.5 | 726.5 |
2002 | 10,469 | 679 | 11,543.1 | 779.5 |
2003 | 10,960 | 756 | 11,836.4 | 831.1 |
2004 | 11,685 | 826 | 12,246.9 | 865.0 |
2005 | 12,422 | 876 | 12,623.0 | 876.3 |
2006 | 13,178 | 932 | 12,958.5 | 894.9 |
2007 | 13,808 | 979 | 13,206.4 | 906 |
2008 | 14,291 | 1,080 | 13,161.9 | 971.1 |
2009 | 13,939 | 1,143 | 12,703.1 | 1,029.5 |
2010 | 14,527 | 1,223 | 13,088.0 | 1,075.9 |
2013 | 17,080 | 2,548 | 15,920 | 2,099 |
(a) Between 2000 and 2013, by what percent did federal spending increase
Instructions:
Enter your response as a percentage rounded to one decimal place. In order to calculate a percentage change use the formula
Percentage change = (New Value - Old Value)/Old Value x 100.
(i) in nominal terms?
(ii) in real (inflation-adjusted terms)?
(b) What percent of nominal total output (GDP) came from federal purchases in
Instructions:
Enter your responses as a percentage rounded to one decimal place.
(i) 2000?
(ii) 2013?
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