Question: Below you will find nominal GDP and the GDP deflator (based on 2000 = 100) for the years 1987, 1997, and 2007. a. Compute real

Below you will find nominal GDP and the GDP deflator (based on 2000 = 100) for the years 1987, 1997, and 2007.
a. Compute real GDP for each year.
b. Compute the percentage change in nominal and real GDP from 1987 to 1997, and from 1997 to 2007.
c. Compute the percentage change in the GDP deflator over these twoperiods.

GDP Statistics 1987 1997 2007 Nominal GDP (Billions of dollars) GDP deflator 4,740 8,304 73.2 95.4 119.7 13,843

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