Final answer:
In 2019, the U.S. economy was likely running at potential GDP or slightly ahead before the pandemic-induced recession of 2020. Since 2019 is after 2012, real GDP would appear lower than nominal GDP due to the value of dollars changing over time. While specific data for 2019 is not provided, we can infer that real GDP was likely growing or stable before the pandemic.
Step-by-step explanation:
To determine what must have happened to the value of real GDP during 2019, we need to understand the concepts of real GDP and nominal GDP, as well as the economic context of that year.
Real GDP is adjusted for inflation, which gives a more accurate reflection of an economy's size and how much it produces in terms of goods and services.
In the years before 2020, the U.S. economy had ups and downs in terms of real GDP growth.
Specifically, during and after recessions, actual GDP falls below potential GDP, and from the information provided, it appears that in 2019, the U.S. economy was running at potential GDP or slightly ahead, before the COVID-19-induced recession occurred in early 2020.
According to the given data, the real GDP is expressed in 2012 dollars, which means that real GDP would appear higher than nominal GDP in the years before 2012 due to inflation adjustment.
However, for the year 2019, since it is after 2012, real GDP would likely appear lower than nominal GDP if dollars were worth less in 2019 as compared to 2012.
To find the precise real GDP growth rate or changes, one would typically apply the formula for percentage change, but the specific data for 2019 is not provided here.
Nonetheless, we can infer that before the pandemic struck in 2020, the U.S. economy was generally performing well, and real GDP was likely growing or stable, barring any unforeseen economic events.