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So. they end up with two different growth rates. which are then averaged. Given this averaged growth rate, and the lev of GDP in 2008
So. they end up with two different growth rates. which are then averaged. Given this averaged growth rate, and the lev of GDP in 2008 at 2008 prices, the bureau then calculates real GDP for 2009 as one plus the average growth rate previously calculated, times 2008 output in 2008 dollars. The growth rate between 2009 and 2010 is then calculated similarly. Suppose that laptops. economics textbooks, and energy drinks are the only three goods produced in the United States The following table gives the quantity of each produced {in millions) and their price in the years from 2019 to 2021: Laptops Textbooks Energy Drinks Price Quantity Price Quantity Price Quantity 2019 $1,400 7 $180 8 $4 30 2020 $1,100 9 $190 10 $6 35 202 1 $900 9 $210 1 1 $6 40 Complete the following table by calculating nominal GDP and real GDP (using 2019 as the base year) for each year. {Enter your responses as Integers.) Nominal GDP Real GDPrzo'rg as\"; 2019 $ 11360 $ 11360 2020 $ 12010 $ 14540 2021 $ 10650 $ 14740 Using the chain-weighted method outlined above. real GDP for 2020 is $|:|. (Round your response to the nearest doitar.)
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