The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in
Chapter 0, Problem 6(choose chapter or problem)
The accompanying table shows data on nominal GDP (in billions of 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. price level consistently rose. a. Why is real GDP greater than nominal GDP for all years before 2000 and lower for 2007? Does nominal GDP have to equal real GDP in 2000? b.Calculate the percent change in real GDP from 1960 to 1970, 1970 to 1980, 1980 to 1990, and 1990 to 2000. Which period had the highest growth rate? c. Calculate real GDP per capita for each of the years in the table. d.Calculate the percent change in real GDP per capita from 1960 to 1970, 1970 to 1980, 1980 to 1990, and 1990 to 2000. Which period had the highest growth rate? e. How do the percent change in real GDP and the percent change in real GDP per capita compare? Which is larger? Do we expect them to have this relationship?
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