Table 19-9

-Refer to Table 19-9.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

Question

Table 19-9
 
-Refer to Table 19-9.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

Quizplus · Accepted Answer

Real GDP is calculated using a base year's prices. In this case, the base year used in calculating real GDP is 2009, as indicated by the GDP deflator being 100 for that year.

Table 19-9 -Refer to Table 19-9.Consider the Following Data on Nominal GDP