Table 10-3
The table below reports nominal and real GDP for the U.S. from 1929 to 1932. $$\begin{array} { c c c }
\hline \text { Year } & \begin{array} { c }
\text { Nominal } \
\text { GDP }
\end{array} & \text { Real GDP } \
\hline 1929 & 103.6 & 977 \
1930 & 91.2 & 892.8 \
1931 & 76.5 & 834.9 \
1932 & 58.7 & 725.8 \
\hline
\end{array}$$
-Refer to Table 10-3. What was the growth rate of real GDP for 1930?

Question

Table 10-3
The table below reports nominal and real GDP for the U.S. from 1929 to 1932. $$\begin{array} { c c c } 
\hline \text { Year } & \begin{array} { c } 
\text { Nominal } \
\text { GDP }
\end{array} & \text { Real GDP } \
\hline 1929 & 103.6 & 977 \
1930 & 91.2 & 892.8 \
1931 & 76.5 & 834.9 \
1932 & 58.7 & 725.8 \
\hline
\end{array}$$
-Refer to Table 10-3. What was the growth rate of real GDP for 1930?

Quizplus · Accepted Answer

To find the growth rate of real GDP for 1930, we need to use the formula: ((Real GDP 1930 - Real GDP 1929) / Real GDP 1929) x 100. Plugging in the values, we get ((892.8 - 977) / 977) x 100 = -8.62%. This means that the real GDP decreased by 8.62% from 1929 to 1930. The statement "Real GDP is a better gauge of economic well-being than nominal GDP" is a subjective opinion and not relevant to the question.

Table 10-3 the Table Below Reports Nominal and Real GDP

Table 10-3
the Table Below Reports Nominal and Real GDP