Visit the Bureau of Economic Analysis Web site at wwwbeagov

Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP), then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click \"Begin using the data\", and use Section 1 - Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters. Notice table 1.1.6 is chained to 2009 dollars (billions), meaning that 2009 is the base year. The data you will be working with is the first row of data from each table Based on these data, indicate one year in which nominal GDP growth was positive, while real GDP growth was negative? (indicate your answer in the YYYY format. For example, 1999) 1. 2. Nominal GDP and real GDP in 1929 were quite different. One was many times larger than the other Which one was larger and by approximately how much? a. b. C. d. Nominal GDP was approximately 20 times larger than real GDP Real GDP was approximately 20 times larger than nominal GDP Nominal GDP was approximately 10 times larger than real GDP Real GDP was approximately 10 times larger than nominal GDP

Solution

Q.1 It was during 2008

Q.2 Option d

	2007	2008
Real GDP	14873.7	14830.4
Nominal GDP	14477.6	14718.6