Homework Answers
| Year | Nominal GDP | Real GDP | Price Index | ||
| 1 | 15214.4 | 14960.1 | 101.7 | ||
| 2 | 15850.9 | 15270.6 | 103.8 | ||
| 3 | 16405.3 | 15604.7 | 105.1 | ||
| 4 | 17036 | 15862.2 | 107.4 | ||
| 5 | |||||
| 6 | |||||
| Price index formula=( Nominal GDP/Real GDP)*100 | |||||
| Year 1 | |||||
| Nominal GDP is $ 15214.4 billion | |||||
| Price index is 101.7 | |||||
| Let Real GDP be x | |||||
| Substituting in the formula | |||||
| (15214.4/x)=101.7 | |||||
| 101.7x=15214.4 | |||||
| x=15214.4/101.7=14960.1 | |||||
| Year 2 | |||||
| Real GDP is 15270.6 | |||||
| Price index is 103.8 | |||||
| Let Nominal GDP be x | |||||
| Substituting in the formula | |||||
| (x/15270.6)=103.8 | |||||
| x=15270.6 x 103.8 | |||||
| x=15850.9 | |||||
| Year 3 | |||||
| Price index= | |||||
| (16405.3/15604.7)*100 | |||||
| 105.1305056 | |||||
| Year 4 | |||||
| Real GDP is 15862.2 | |||||
| Price index is 107.4 | |||||
| Let Nominal GDP be x | |||||
| Substituting in the formula | |||||
| (x/15862.2)=107.4 | |||||
| x=15862.2 x 107.4 | |||||
| x=17036.0 | |||||
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