# Worksheet Unit 3

## Data for the Imaginary Land of Lukistan

Data Table GDP-1: (used for questions 1-5)
Lukistan is a small hypothetical country run by the benevolent dictator economist for whom the country is named.  In the years 1990 through 1994 it recorded the following macroeconomic performance.   Using the data in this table, you should first calculate the data for the empty cells in this table

 Year Nominal GDP Real GDP (millions of 1991 \$) Price Index (1991 = 100.00) Growth (%) in Nominal GDP from previous year Growth (%) in Real GDP from previous year 1990 4,327 4,545 95.2 16% 10% 1991 5,000 5,000 100.0 16% 10% 1992 5,288 5,500 1993 6,050 110.5 1994 6,812 114.9

## Data for the United States for Selected Years in Different Decades

Data Table GDP-2: (use for questions 6-9)
Data for the U.S. is shown below.  Using the data in this table, you should first calculate the data for the empty cells in this table

 Year Nominal GDP (billions of \$) Real GDP (billions of 2000 \$) Price Index (2000 = base year) Growth (%) in Real GDP from previous year 1977 2,030.9 4,750.5 42.8 6.4% 1978 2,294.7 45.8 data missing for years  1979-1997 1998 8,747.0 9,066.9 4.2% 1999 9,268.4 97.9 2000 9,817.0 9,817.0 2001 10,128.0 9,890.7 2002 10,487.0 10,074.8 104.1 2003 11,004.0 106.0 2004 11,735.0 108.3

TO COMPLETE THE WORKSHEET, go to your Learning Management System (D2L at LCC) and complete the “quiz” labeled Unit 3 Worksheet.

TIPS:

1. If you need a formula to calculate a particular field, check out the page on GDP calculations in the Unit 3 Closer Look.
2. Calculate all the missing data in the tables first. Then try to answer questions.
3. Formatting:  round your answers and format them the same as in the table used

## Questions:

1. What year was used as the base year in the Lukistan price index?
2. What was the price index in 1992?
3. What was Lukistan’s nominal GDP in 1993?
4. What was Lukistan’s real GDP in 1994?
5. What was the real growth rate in Lukistan for 1994?
6. What was the price index value for the US in the base year?
7. What was real GDP for the US in the year 1978?
8. What was the real GDP for the US in the year 2003?
9. What was the price index for the US in the year 2001?
10. Looking only at the years displayed in this table, in which year was real GDP growth in the US greatest?