Compute the gdp price index for each year if quantity of

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Use the data in the following table to calculate the GDP price index for each year (values are in billions of dollars).

Year	Nominal GDP	Real GDP
2002	10,470	10,049
2003	10,961	10,301
2004	11,713	10,704
2005	12,456	11,049
2006	13,247	11,415

a. Calculate the GDP price index for each year.

If the quantity of final goods and services produced decreased, could real GDP increase? Could nominal GDP increase? If so, how?

Reference no: EM13456572

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