The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2009 dollars), and population (in thousands) of the United States in 1965, 1975, 1985, 1995, 2005, and 2015. The U.S. price level rose consistently over the period 1965-2015.

a. Whyis real GDP greater than nominal GDP for all years until 2005 and lower for 2015?

b. Calculate the percent change in real GDP from 1965 to 1975, 1975 to 1985, 1985 0 1995, 1995 to 2005, and 2005 to 2015. Which period had the highest growth rate?

c. Calculate real GDP per capita for each of the years in the table. . Calculate the percent change in real GDP per capita from 1965 to 1975, 1975 to 1985, 1985 to 1995, 1995 to 2005, and 2005 to 2015. Which period had the highest growth rate?

e. How do the percent change in real GDP and the percent change in real GDP per capita compare? Which is larger? Do we expect them to have this relationship? g. Eastland College is concerned about the rising price of textbooks that students must purchase. To better identify the increase in the price of textbooks, the dean asks you, the Economics Department's star student, to create an index of textbook prices. The average student purchases three English, two math, and four economics textbooks per year. The prices of these books are given in the accompanying table.

a. What is the percent change in the price of an English textbook from 2014 to 2016?

b. What is the percent change in the price of a math textbook from 2014 to 2016?

c. What is the percent change in the price of an economics textbook from 2014 to 2016?

d. Using 2015 as a base year, create a price index for these books for all years.

e. What is the percent change in the price index from 2014 to 2016?