The following table shows nominal GDP and an appropriate price index for a group of selected years.

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The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDPdata.

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Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Question Posted: May 23, 2013 07:52 AM

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The following table shows nominal GDP and an appropriate price index for a group of selected years.

Question:

Nominal GDP Billions Price Index (2000 100) Real GDP Billions Year 1964 1974 1984 1994 2004 22.13 34.73 67.66 90.26 109.46 $ 663.6 1500.0 3933.2 7072.2 1,685.9

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