Question: Examine the data in the appendix to Chapter 19. Locate the figures for nominal and real GDP for 2006 and 2007. Calculate the GDP deflator.

Examine the data in the appendix to Chapter 19. Locate the figures for nominal and real GDP for 2006 and 2007. Calculate the GDP deflator. What were the rates of growth of nominal GDP and real GDP for 2007? What was the rate of inflation (as measured by the GDP deflator) for 2007? Compare the rate of inflation using the GDP deflator with that using the CPI.

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