Based on the Data in the Table Above, Explain What

question 60

Essay

$$\begin{array} { l l l } & 2009 & 2010 \\\text { Nominal GDP } ( \$ \text { billions } ) & \$ 14,700 & \$ 15,200 \\\text { Real GDP } ( \$ \text { billions } 2000 \text { chain weighted) } & \$ 12,100 & \$ 11,900\end{array}$$
Based on the data in the table above, explain what happened to output and prices in the economy between
2009 and 2010.

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Definitions:

Journal

A detailed record of all the financial transactions of a business, which are initially documented before summarizing in the ledger.

Posting

The process of transferring journal entry amounts to ledger accounts in accounting.

Analyze Each Transaction

The process of closely examining financial transactions to ensure they are accurately recorded in the correct accounts.

Journal

A journal is a detailed account that records all the financial transactions of a business, to be used later for classifying and summarizing into financial statements.