[See Steps] Key Question The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in
Question: Key Question The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data.
| Year | Nominal | Price index (1996 = 100) | Real GDP |
| 1960 | 527.4 | 22.19 | |
| 1968 | 911.5 | 26.29 | |
| 1978 | 2295.9 | 48.22 | |
| 1988 | 4742.5 | 80.22 | |
| 1998 | 8790.2 | 103.22 |
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