Table 12-12
$\begin{array}{|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Nominal } \
\text { GDP }
\end{array} & \text { Real GDP } \
\hline 2015 & \$ 7,400 & \$ 7,537 \
\hline 2016 & 7,813 & 7,813 \
\hline 2017 & 8,301 & 8,165 \
\hline 2018 & 8,760 & 8,516 \
\hline
\end{array}$
-Refer to Table 12-12.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 12-12
 $\begin{array}{|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Nominal } \
\text { GDP }
\end{array} & \text { Real GDP } \
\hline 2015 & \$ 7,400 & \$ 7,537 \
\hline 2016 & 7,813 & 7,813 \
\hline 2017 & 8,301 & 8,165 \
\hline 2018 & 8,760 & 8,516 \
\hline
\end{array}$
-Refer to Table 12-12.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

The base year is the year in which real GDP is equal to nominal GDP. In this case, real GDP is equal to nominal GDP in 2016, so 2016 is the base year.

Table 12-12 -Refer to Table 12-12