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Compute Real GDP: Sample Problem

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The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data.

Nominal GDP, Price Index Real GDP,
Year Billions (1996 = 100) Billions
________________________________________________
1960 $ 527.4 22.19
1968 911.5 26.29
1978 2295.9 48.22
1988 4742.5 80.22
1998 8790.2 103.22

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The expert computes real GDP for sample problems.

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Chapter 7, 12. Key Question The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are ...

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