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GDP

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Use the following data to answer questions 1-3 (be sure to provide all calculations).
SEE ATTACHMENT

Calculate real GDP for 2005 and 2006 using 2005 prices. By what percent did real GDP grow?
Calculate the value of the price index for GDP for 2006 using 2005 as the base year. By what percent did prices increase?
Now calculate real GDP for 2005 and 2006 using 2006 prices. By what percent did real GDP grow?
Review the GDP information for the past few years from the Bureau of Economic Analysis's Website. Provide a brief summary of the GDP trends over that timeframe and discuss two or three events which may have caused these trends.
Be sure to show your work for each calculation.

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The response addresses the queries posted in 330 Words, APA References.

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The response addresses the queries posted in 330 words with references.

// For estimating the market value of all the final goods and services created in a Country with in the duration of one year, GDP is used. The trends in GDP are not fixed; they keep on changing. To explain it in detail, I am first, beginning with the Introduction of the 'GDP'. //

Gross Domestic Product

Introduction

Gross Domestic Product (GDP) can be defined as the total market value of all final goods and services produced in a country during a period of one year. The income that is earned by the nationals in abroad is deducted and the income that is earned by the foreigners is locally added. GDP of the United States is increasing at a fast rate as ...

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Ashish Sharma, MBA (IP)
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  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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