The accompanying table shows data on nominal GDP (in billionsof dollars), real GDP (in
Chapter 3, Problem 6(choose chapter or problem)
The accompanying table shows data on nominal GDP (in billionsof dollars), real GDP (in billions of year 2000 dollars),and population (in thousands) of the United States in 1960,1970, 1980, 1990, 2000, and 2007, years in which the U.S. pricelevel consistently rose. a. Why is real GDP greater than nominal GDP for all years before2000 and lower for 2007? Does nominal GDP have toequal real GDP in 2000?b.Calculate the percent change in real GDP from 1960 to1970, 1970 to 1980, 1980 to 1990, and 1990 to 2000. Whichperiod had the highest growth rate?c. Calculate real GDP per capita for each of the years inthe table.d.Calculate the percent change in real GDP per capita from1960 to 1970, 1970 to 1980, 1980 to 1990, and 1990 to2000. Which period had the highest growth rate?e. How do the percent change in real GDP and the percentchange in real GDP per capita compare? Which is larger?Do we expect them to have this relationship?
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