The Following Data Show Nominal GDP and the Appropriate Price

question 17

Essay

The following data show nominal GDP and the appropriate price index for several years.Compute real GDP for each year and indicate whether you have "inflated" or "deflated" nominal GDP in finding real GDP.All GDP are in billions.

Interpret the significance of the slope in a regression model in real-life contexts.

Utilize scatter diagrams to assess the appropriateness of a linear model.

Estimate values using the regression line in different contexts, including economics, health, and sales.

Explain the limitations of regression analysis, especially regarding the interpretation of the y-intercept.