In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years XXXXXXXXXX. All dollar figures are in trillions and have been rounded to the...

In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values.

	2010	2011	2012	2013	2014	2015	2016
Current-dollar GDP	15.0	15.5	16.2	16.8	17.5	18.2	18.7
GDP in chained 2012 dollars		15.8		16.5	16.9		17.7
chained growth rate of GDP (%)	2.6	1.6			2.5	2.9	1.6

What was real GDP in 2015?

a) 16.9 x 1.029 = 17.4

b) 16.9 x 1.025 = 17.3

c) (16.9 + 17.7)/2 = 17.3

d) 17.5 x 1.029 = 18.0

Jun 07, 2022

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In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years XXXXXXXXXX. All dollar figures are in trillions and have been rounded to the...

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