The table below shows data for real and nominal GDP for a hypothetical economy over several years.

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a. Compute the GDP deflator for each year.

b. Compute the total percentage change in nominal GDP from 2014 to 2019. How much of this change was due to increases in prices and how much was due to changes in quantities?

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Ragan Macroeconomics

ISBN: 978-0134835822

16th Edition

Authors: Christopher Ragan

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Question Posted: Apr 05, 2024 12:00 AM

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The table below shows data for real and nominal GDP for a hypothetical economy over several years. a. Compute the GDP deflator for each year. b. Compute the total percentage change in nominal GDP...
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The table below shows data for real and nominal GDP for a hypothetical economy over several years.

Question:

Year Nominal GDP Real GDP (billions GDP (billions of $) of 2013 $) Deflator 2014 775.3 798.4 2015 814.1 838.6 -

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Ragan Macroeconomics

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