Question
Complete the following table by filling in the missing cells Real GDP (In 2000 dollars) 3,000...
Complete the following table by filling in the missing cells Real GDP (In 2000 dollars) 3,000 5,000 Nominal GDP (In current dollars) 1,200 GDP Deflator Year 1970 1980 1990 2000 2010 2020 2030 (Base year 2000) 60 6,000 8,000 15,000 100 200 10,000 300 20,000 50,000 Type here to search
Answers
Below are the formulas used for calculations Nominal GDP-Sum of (Current year price x Current year quantity) Real GDP- Sum of (Base year price xCurrent year quantity) Nominal GDP GDP Deflator -x100 Real GDP Below is the complete table: A B D Year Nominal GDP 1 Real GDP GDP Deflator 1200 250 2 1970 3000 3 1980 5000 3000 60 4 1990 6000 6000 100 8000 5 2000 200 6 2010 30000 15000 30000 7 2020 10000 300 250 8 2030 20000 50000 Below table shows the formula used: A C D GDP Deflator Year Real GDP Nominal GDP | (B2/C2)*100 2 1970 1200 3000 =(B3 D3) / 100 5000 3 1980 60 - (C4*D4) / 100 4 1990 6000 100 8000 5 2000 - (C6*D6)/ 100 15000 6 2010 200 (B7*D7) / 100 10000 7 2020 300 - (C8/B8)*100 8 2030 20000 50000
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