Question

The accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2005 dollars), and population (in thousands) of the United States in 1960, 1970, 1980, 1990, 2000, and 2010. The U.S. price level rose consistently over the period 1960–2010.

Year Nominal GDP (billions of dollars) Real GDP (billions of 2005 dollars) Population (thousands)

1960 $526.4 $2,828.5 180,760

1970 1,038.5 4,266.3 205,089

1980 2,788.1 5,834.0 227,726

1990 5,800.5 8,027.1 250,181

2000 9,951.5 11,216.4 282,418

2010 14,526.5 13,088.0 310,106

1) Why is real GDP greater than nominal GDP for all years until 2000 and lower for 2010?

2) Calculate the percent change in real GDP from 1960 to 1970, 1970 to 1980, 1980 to 1990, 1990 to 2000, and 2000 to 2010. Which period had the highest growth rate?

3) Calculate real GDP per capita for each of the years in the table.

4) Calculate the percent change in real GDP per capita from 1960 to 1970, 1970 to 1980, 1980 to 1990, 1990 to 2000, and 2000 to 2010. Which period had the highest growth rate?

5) How do the percent change in real GDP and the percent change in real GDP per capita compare? Which is larger? Do we expect them to have this relationship?

Answer #1

Year
Nominal GDP (billions of dollars)
GDP Deflator (2005 = 100)
Real GDP ($bn)
1960
543.3
19.0
1965
743.7
20.3
1970
1075.9
24.8
1975
1688.9
34.1
1980
2862.5
48.3
1985
4346.7
62.3
1990
5979.6
72.7
1995
7664.0
81.7
2000
10289.7
89.0

The table below provides information about real GDP (measured in
billions of dollars) and population (measured in
millions) for four countries. Please calculate the
indicated values to fill in the table. Round all answers to the
nearest whole number.
USA
Mexico
Botswana
China
1980
RGDP
2,857.33
404.79
1.8
306.87
1980 population
227.225
67.761
0.897868
981.235
2016
RGDP
18,707.15
2,369.01
37.4
21,316.91
2016 population
323.071
123.333
2.159
1,378.665
1980 RGDP per capita:
USA $
Mexico $
Botswana $
China $
2016...

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NGDP
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RGDP
1950
2000
2015
300
10,252
18,219
13.064
78.069
104.757
a. Fill in the values for real
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1980 $ 25,675
1990
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2000
$39,750
2010
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