Value measure for true gdp measuring

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Use following data to answer questions 1-3 (be sure to provide all calculations).

Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?

Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?

Now compute real GDP for 2004 and 2005 using 2005 prices. By what percent did real GDP grow?

Review the GDP information for past few years from the Bureau of Economic Analysis's Website. Give a brief summary of GDP trends over that time frame and discuss two or three events which might have caused these trends.

Reference no: EM1369965

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