Following is data for a hypothetical economy. The base year is 2002 (Price index = 100).Price index112115119124Nominal GDPYear2003200420052006$4,108 billion4,305 billion4,663 billion4,998 billionRefer to the above data. From 2005 to 2006, prices rose by approximately:

Here we calculate the rose in prices from 2005 to 2006 or inflation rate , so the calculation of the…

Following is data for a hypothetical economy. The base year is 2002 (Price index = 100). Nominal GDP $4,108 billion 4,305 billion 4,663 billion 4,998 billion Price index 112 115 119 124 Year 2003 2004 2005 2006 Refer to the above data. From 2005 to 2006, prices rose by approximately:

Following is data for a hypothetical economy. The base year is 2002 (Price index = 100). Nominal GDP $4,108 billion 4,305 billion 4,663 billion 4,998 billion Price index 112 115 119 124 Year 2003 2004 2005 2006 Refer to the above data. From 2005 to 2006, prices rose by approximately:

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section7.4: Real Gdp

Problem 1ST

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Question

Following is data for a hypothetical economy. The base year is 2002 (Price index = 100).
Price index
112
115
119
124
Nominal GDP
Year
2003
2004
2005
2006
$4,108 billion
4,305 billion
4,663 billion
4,998 billion
Refer to the above data. From 2005 to 2006, prices rose by approximately:

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