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Suppose that, during 2012, nominal GDP was $10,082 billion. During 2012, the value of the Consumer Price Index was 177.1 (usi
4. In 2015 US Real GDP was $16,547.6 billions of dollars; in 2016, US Real GDP was $16,851.4 billions of dollars. Estimate th
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Answer #1

1) Real GDP 2012 = Nominal GDP 2012 / Price index 2012

= 10082 * 100 / 177.1

= 5692.83

Hence real GDP in 2012 is $5692.83

2) Economic growth rate (measured for real GDP) is found at (16851.40 - 16547.60)/16547.60

= 1.836%.

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