Use the Information in the Table Below to Calculate the Real

question 157

Essay

Use the information in the table below to calculate the real 2015 gross domestic product GDP), in 2009 dollars. Explain how the calculation is performed, and the reasoning behind it. $$\begin{array} { c } \hline { \quad\quad\quad\text { U.S. Nominal GDP and Price Level, 2006-2015 } } \\\hline \text { Year } & \begin{array} { l } \text { Nominal GDP } \\\text { (billions of dollars) }\end{array} & \begin{array} { l } \text { Price Level } \\\text { (GDP deflator) }\end{array} \\\hline 2006 & 13,855.9 & 95 \\2007 & 14,477.6 & 97 \\2008 & 14,718.6 & 99 \\2009 & 14,418.7 & 100 \\2010 & 14,964.4 & 101 \\2011 & 15,517.9 & 013 \\2012 & 16,155.3 & 105 \\2013 & 16,663.2 & 107 \\2014 & 17,348.1 & 109 \\2015 & 17,937.8 & 110 \\\hline\end{array}$$

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