I new official figures will number of real gdp for 1987

Reference no: EM13389198

The commerce department announced that it is shifting from 1987 to 1992 as the base year for calculating the nation's real GDP and price index. The new figures will account for changes in consumers' tastes, technological advances, and other phenomena.

A: In the new official figures, will the number of real GDP for 1987 become larger, smaller, or stay the same as it was before the base was changed to 1992?

B: In the new official figures, will the 1992 real GDP number be larger, smaller, or the same as the 1992 nominal GDP?

C: What will the new 1992 price index number be?

D: Will the new 1987 price index number be larger, smaller, or the same it was before?

E: The clipping claims that consumer tastes and technological advances will be accounted for. How would this accounting be done?

Reference no: EM13389198

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