The table below reports quarterly GDP and real GDP data for the United States during the Great Recession, which lasted from the endof 2007 to mid-2009.PeriodNominal GDP (in bilions) Real GDP (in billions)2007 Q4$14,681.5$15,762.02008 Q1$14,651.0$15,671.42008 Q2$14,805.6$15,752.32008 Q3$14,835.2$15,667.02008 Q4$14,559.5$15,328.02009 Q1$14,394.5$15,155.92009 Q2$14,352.9$15,134.1a) From 2007 Q4 through 2009 Q2, real GDP grew by-3.98% (give your answer to two decimal places).b) Over the same period, price level grew by 1.83% (give your answer to two decimal places).

The GDP is an indicator of a nation's economic production level during a certain time frame. It is…

Answered: a) From 2007 Q4 through 2009 Q2, real…

a) From 2007 Q4 through 2009 Q2, real GDP grew by b) Over the same period, price level grew by 1.83 -3.98 % (give your answer to two decimal places). % (give your answer to two decimal places).

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 8SQP

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Question

The table below reports quarterly GDP and real GDP data for the United States during the Great Recession, which lasted from the end
of 2007 to mid-2009.
Period
Nominal GDP (in bilions) Real GDP (in billions)
2007 Q4
$14,681.5
$15,762.0
2008 Q1
$14,651.0
$15,671.4
2008 Q2
$14,805.6
$15,752.3
2008 Q3
$14,835.2
$15,667.0
2008 Q4
$14,559.5
$15,328.0
2009 Q1
$14,394.5
$15,155.9
2009 Q2
$14,352.9
$15,134.1
a) From 2007 Q4 through 2009 Q2, real GDP grew by
-3.98
% (give your answer to two decimal places).
b) Over the same period, price level grew by 1.83
% (give your answer to two decimal places).

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