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:

Retired People

Individuals who have concluded their working or professional careers and are living in the phase of life beyond employment.

Career

The progression and actions taken by an individual throughout a lifetime, particularly related to their occupation or professional achievements.

Joint Frequency Distribution

A statistical analysis that shows the relationship between two categorical variables by displaying their frequencies of occurrence together.

Contingency Table

A tabular display of data that shows the frequency distribution of variables to study the relationship between them.