1. Why was nominal GDP (Table 1.1.5) greater than real GDP (Table 1.1.6) in each of the quarters shown?
2. What were the percentage changes in nominal GDP and real GDP for the most recent 2 quarters? One quarter to the next.
3. Click the tab at the top "NIPA Tables," select Table 1.1.1, click the modify button, select 2008 as the first year, select 2018 as last year, click on annual, then select Refresh Table. Calculate the average growth rate across the ten years selected. How does that growth rate compare to our long run average growth rate of about 3%?