The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year. Instructions: Round your answers to one decimal place. Calculating the GDP Price Index Using Nominal and Real GDP Nominal GDP (billions of dollars) Real GDP (billions of Year dollars) GDP Price Index 2012 $14,708 $14,708 2013 15,265 15,111 2014 15,830 15,353 2015 16,488 15,709 2016 17,105 16,058
The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year. Instructions: Round your answers to one decimal place. Calculating the GDP Price Index Using Nominal and Real GDP Nominal GDP (billions of dollars) Real GDP (billions of Year dollars) GDP Price Index 2012 $14,708 $14,708 2013 15,265 15,111 2014 15,830 15,353 2015 16,488 15,709 2016 17,105 16,058
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 5PA
Related questions
Question
Please give me correct answer with calculation Note:-
Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.
Answer completely and accurate answer.
Rest assured, you will receive an upvote if the answer is accurate.
Transcribed Image Text:The table below shows hypothetical values of nominal and real GDP for the United States between 2012 and 2016. Real GDP
was computed using 2009 as the base year. Using the information in the table, compute the GDP price index for each year.
Instructions: Round your answers to one decimal place.
Calculating the GDP Price Index Using Nominal and Real GDP
Nominal GDP
(billions of
Real GDP
(billions of
dollars)
GDP Price Index
Year
dollars)
2012
$14,708
$14,708
2013
15,265
15,111
2014
15,830
15,353
2015
16,488
15,709
2016
17,105
16,058
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 11 images
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781305971509
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning