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Bb Aplia -Intro Economics: SxCengageBrain - My Home xAplia: Student QuestionxC Chegg Study | Guided Sol x engägeBrain courses.aplia.com/af/servlet/quiz?quiz_action-takeQuiz8quiz_probGuid-Q4PLCOA80101000000288bc8100a00008ctx-kbaker5-0038 Economics 201 -Intro to Econ 9th, Baker Fall 2015 Morgan Withee | Customer Support | Sign Out aplia Home Grades Personalized Reviews Discussion Course Materials Gross Domestic Product Graded Assignment | Read Chapter 11 | Back to Assignment Due Tuesday 10.13.15 at 11:00 PM Attempts: Average: 12 6. The GDP Chain Price Index The following table contains data on the fictional country of Penguinia. Presented are the country's nominal GDP, real GDP, and the GDP chain price index for various years. The base year for the chain price index is 1993 Using the data in the table, fill in the blank cells with the correct values YearNominal GDP 2002 2006 2010 GDP Chain Price Index 137.13 179.60 Real GDP $2,766 $3,301 $3,111 $2,017 $1,944 From 2002 to 2006, nominal GDP by while real GDP Grade It Now Save & Continue Copyright Notices Terms of Use Privacy Notice Security Notice Accessibility Session Timeout 57:20 9:37 PM 10/12/2015

Explanation / Answer

Nominal x 100 / Real GDP = Price index

Or Real GDP = NOminal x100 /Price index

percentage increase in nominal GDP from 2002 to 2006: (3301-2766)*100 / 2766 = 19.342%

percentage decrease in real GDP from 2002 to 2006: (2017-1837.973)*100 / 2017 =8.875

From 2002 to 2006 nominal GDP increased by 19.342% while real GDP decreased by 8.875%.

Year Nominal Real Price index 2002 2766 2017 137.13 2006 3301 1837.973 179.6 2010 3111 1944 160.0309

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