The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Year 1978 1988 1998 2008 2018 Nominal GDP, Billions $2,298 80 5,105 40 8,798.50 14,446 40 20,519.30 Price Index (2005 = 100) 42 4 68.98 87.51 110 48 130.09 Real GDP, Billions Effect on Nominal GDP

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The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places.

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