1. Copy the template below into your Word document. Fill in the middle column with the values for GDP and GNP from your NIPA Template. Which is larger? Explain why.

Nominal Vs. Real GDP Template Actual Computed Nominal GDP GDP Price Index Real GDP Nominal GDP Panel A GDP Price Index Real GDP (Table 1.1.5 (Table 1.1.4 (Table 1.1.6 row 1) row 1) row 1) 2001 10581.90 79.81 13263.40 10586.050 79.783 13258.200 2002 10929.10 81.01 13488.40 10927.0 81.000 13491.05 2003 11456.50 82.64 13865.50 11458.4 82.600 13,863.1 Percentage Rate of Change Panel B (Table 1.1.7 (Table 1.1.1 row 1) row 1) 2001-2002 3.3 1.5 1.7 3.2 1.5 1.8 2002-2003 4.80 2 2.8 4.8 2.0 2.8Nominal vs. 196804 200201 202101 Real GDP Template GDP 968.0 10927.0 22038.1 GNP 974.3 13491.05 22273.0