Question: Data for nominal GDP, the GDP deflator (2000 = 100), and the CPI in 2007 through 2012 for the United States are presented in the
- Data for nominal GDP, the GDP deflator (2000 = 100), and the CPI in 2007 through 2012 for the United States are presented in the table below.
- Use the data provided to calculate the real GDP measured in 2000 prices for each year.
- Use the data for the GDP deflator to calculate the inflation rate in 2008, 2009, and 2010.
- Use the data for the CPI to calculate the inflation rate in 2008, 2009, and 2010.
- Calculate the annual growth rate for the United States in 2008, 2009, and 2010.
Year | Nominal GDP (billions $) | GDP Deflator | CPI | Real GDP | Economic Growth Rate | Inflation Rate (Deflator) | Inflation Rate (CPI) |
2007 | $14,477.6 | 97.3 | 207.3 | 14879.3 | |||
2008 | $14,718.6 | 99.3 | 215.3 | 14822.4 | 3.86 | ||
2009 | $14,418.6 | 100 | 214.6 | 14418.6 | -0.33 | ||
2010 | $14,964.4 | 101.2 | 218.1 | 14787.0 | 1.63 | ||
2011 | $15,517.9 | 103.3 | 224.9 | 15022.2 | 3.12 | ||
2012 | $16,163.2 | 105.2 | 229.6 | 15364.3 | 2.09 | ||
2013 | $16,768.1 | 106.7 | 233 | 15715.2 | 1.48 |
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