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4). Table: Gross Domestic Product 2000 GDP in 2000 dollars $15 trillion 1995 GDP in 2000...

4). Table: Gross Domestic Product

2000 GDP in 2000 dollars $15 trillion

1995 GDP in 2000 dollars $13.8 trillion

1995 GDP in 1995 dollars 12.4 trillion

Use the information in this table to answer the following questions:

What is nominal GDP for the year 2000? How much did nominal GDP grow between the year 1995 and the year 2000? How much did real GDP grow between the year 1995 and the year 2000, in 2000 dollars?

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Homework Answers

Answer #1

Nominal GDP in a particular year is the GDP in this year measured in dollars of that year. 2000 GDP in 2000 dollars $15 trillion.

Answer 1: So, nominal GDP in 2000 = $15 trillion.

1995 GDP in 1995 dollars 12.4 trillion.

Answer 2: So, nominal GDP in 1995 = $12.4 trillion. Growth in nominal GDP from 1995 to 2000 = (15 - 12.4)/12.4 * 100 = 2.6/12.4 * 100 = 0.2097 * 100 = 20.97%

Real GDP in 2000 = $15 trillion as 2000 is the base year and in the base year nominal and real GDP are the same.

1995 GDP in 2000 dollars $13.8 trillion. 2000 is the base year. So, real GDP in 1995 = 13.8 billion

Answer 3: Change in real GDP in 2000 from 1995 = (15 - 13.8)/13.8 * 100 =1.2/13.8* 100 = 0.0869 * 100 = 8.69%

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