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

Question:

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a. Compute the GDP deflator for each year.

b. Compute the total percentage change in nominal GDP from 201 1 to 201 6. How much of this change was due to increases in prices and how much was due to changes in quantities?

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Macroeconomics

ISBN: 9780133910445

15th Edition

Authors: Christopher T S Ragan

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Question Posted: Mar 14, 2024 12:01 PM

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

Question:

Nominal GDP Year (billions of $) Real GDP GDP (billions of 2013 S) Deflator 2011 775.3 798,4 2012 814.1 838.6 2013 862.9 862.9 2014 901.5 882.5 2015 951.3 920.6 2016 998.8 950.5

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Macroeconomics

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