Question: Question 3: Real and Nominal Dollar Values (20 points) Given the following information about the budget of the Federal Aviation Administration (FAA):120022017Total Actual (billionsof $)13.81815.734GDP

Question 3: Real and Nominal Dollar Values (20 points) Given the following information about the budget of the Federal Aviation Administration (FAA):120022017Total Actual (billionsof $)13.81815.734GDP Implicit Price Deflator (2010= 100)284.33112.32Answer the following questions:

1.Compute the percentage change in FAAs Budget in current dollars from 2002 to 2017.

2.Compute the compound growth rate of the FAAs in current dollars from 2002 to 2017.

3.Compute the total percentage change in prices from 2002 to 2017.

4.Compute the price compound growth rate from 2002 to 2017.

5.Compute the total percentage change in FAAs from 2002 to 2017.

6.Compute the real compound growth rate for aviation safety spending from 2002 to 2017.

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