Below are nominal GDP and GDP deflators for four years. a. Calculate real GDP in each year.
Question:
a. Calculate real GDP in each year.
b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed?
c. In which year did societys welfare increase the most?
Transcribed Image Text:
Nominal GDP in billions Year GDP Deflator Year 1 Year 2 Year 3 Year 4 $18,000 18,540 19,467 20,246 100 103 104 106
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a Real GDP Nominal GDPGDP Deflator 100 For Year 1 18000100 100 18000 billion For Year 2 ...View the full answer
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