Question: Use the following information to work Problems 4 and 5. The GDP price index in the United States in 2014 was about 104, and real

Use the following information to work Problems 4 and 5. The GDP price index in the United States in 2014 was about 104, and real GDP in 2014 was $16.2 trillion (2012 dollars). The GDP price index in 2019 was about 112, and real GDP in 2019 was $19 trillion (2012 dollars).

4) Calculate nominal GDP in 2014 and in 2019 and the percentage increase in nominal GDP between 2014 and 2019.

5) What was the percentage increase in production between 2014 and 2019, and by what percentage did the price level rise between 2014 and 2019?

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