Answer the following questions using the table below. Real OutputNominal OutputGDP deflator(2000=100)19805161.922789.5______19815291.61______59.121982______3255.062.731983____________65.2119845813.183933.2______ What are the GDP deflator in 1980?What are the nominal output in 1981?What are the real-output in 1982? Real-output rose 4.5% in 1983. What was nominal Output in 1983?What was the GDP deflator in 1984?f. Why are all the GDP deflators less than 100

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer the following questions using the table below.

	Real Output	Nominal Output	GDP deflator (2000=100)
1980	5161.92	2789.5	______
1981	5291.61	______	59.12
1982	______	3255.0	62.73
1983	______	______	65.21
1984	5813.18	3933.2	______

What are the GDP deflator in 1980?
What are the nominal output in 1981?
What are the real-output in 1982?
Real-output rose 4.5% in 1983. What was nominal Output in 1983?
What was the GDP deflator in 1984?

f. Why are all the GDP deflators less than 100

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