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| Teaching Since: | Apr 2017 |
| Last Sign in: | 327 Weeks Ago, 5 Days Ago |
| Questions Answered: | 12843 |
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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
1.      The table below shows nominal GDP and the Price Index:
Year Nominal GDP (billions, $) Price Index
2013 1,400 100
Â
2014 1,500 104
Â
2015 1,550 105
Â
2016 1,600 110
Â
Â
Â
Calculate real GDP for each year.
a.      In which year did the economy grow the most?
b.      Did the economy experience a recession in any year over the years 2013-2016?
c.      When, if ever, did the growth in real GDP ever exceed the growth in nominal GDP?
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