Use the following data to answer questions 1-3 (be sure to provide all calculations).
Year CD's Tennis Racquets CD's Tennis Racquets
2005 90 180 $18 $100
2006 100 190 $20 $110
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.
Economics,Principles,Application and tools/ fifth Edition O'sullivan/sheffrin/Perez chapters 5-8© BrainMass Inc. brainmass.com December 24, 2021, 7:57 pm ad1c9bdddf
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GDP Trends in US
Gross Domestic Product (GDP)
Gross Domestic Product is used to measure the values of the economic activities of a country or an economy. It generally describes the change in the economy over a period of time. It also helps to identify the trends and growth in the production of goods and services in an economy by studying the past trends. The GDP includes the measurement of the value of all goods and ...
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