In: Economics
Consider the following data for the United States:
Date |
Nominal GDP (billions of dollars per year) |
Price Index (base year 2010) |
Real GDP (billions of dollars per year, in constant 2009 dollars) |
2015 |
18,238 |
100.00 |
17,432 |
2016 |
18,745 |
101.05 |
17,731 |
2017 |
19,543 |
102.95 |
18,144 |
*Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.
Assuming the base year is now 2017, complete the following (enter your responses rounded to one decimal place):
a. Recalculate the price index for years 2015, 2016 and 2017.
b. Recalculate the real GDP for the years 2015, 2016, 2017.
Consider the following data for the United States:
Date |
Price Index (base year 2017) |
Real GDP (billions of dollars per year, in constant 2017 dollars) |
|
2015 |
|||
2016 |
|||
2017 |
BASE YEAR is 2017
(A) PRICE INDEX CALCULATION FORMULAE-
OR
DATE |
NOMINAL GDP (billion of dollar per year) |
REAL GDP (billion of dollar per year) |
PRICE INDEX (BASE YEAR 2017) |
2015 |
18,238 |
17,432 |
×100= 101 |
2016 |
18,745 |
17,731 |
|
2017 |
19,543 |
18,144 |
(B) REAL GDP CALCULATION FORMULAE-
OR
YEAR |
NOMINAL GDP |
PRICE INDEX (base year 2017) |
REAL GDP |
2015 |
18,238 |
101 |
|
2016 |
18,745 |
104 |
|
2017 |
19,543 |
108 |
×100= 18096 |