Need economics help with question. 13 and the GDP index

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Dec 18th, 2015

Thank you for the opportunity to help you with your question!

in the base year nominal GDP is always equal to real GDP

so Nominal GDP in 2007 = $13.0 trillion 

real GDP of 2010  = Q2010 * P2007

13.1/106 = =.1235

NGDP 2010 = .1235*108 = 13.34 trillion

                      

Please let me know if you need any clarification. I'm always happy to answer your questions.
Dec 18th, 2015

sorry forget to calculate percentage change

% change  = (13.34-13)*100/13 = 2.615%

Dec 18th, 2015

awesome

Dec 18th, 2015

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