Question: 6 . Consider the following data on U . S . GDP: Nominal GDP GDP Deflator Year ( in billions of dollars ) ( base

6. Consider the following data on U.S. GDP: Nominal GDP GDP Deflator Year (in billions of dollars)(base year 1996)20009,87319999,269118113 a. What was the growth rate of nominal GDP between 1999 and 2000?(Note: The growth rate is the percentage change from one period b. What was the growth rate of the GDP deflator between 1999 and 2000? c. What was real GDP in 1999 measured in 1996 prices? The second question continues d. What was real GDP in 2000 measured in 1996 prices? e. What was the growth rate of real GDP between 1999 and 2000? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!