Question: The table 1 provides the data on nominal GDP, GDP deflator and population for an economy of Blueland. Year Nominal GDP (bln USD) GDP Deflator

The table 1 provides the data on nominal GDP, GDP deflator and population for an economy of Blueland.

Year	Nominal GDP (bln USD)	GDP Deflator	Population (mln)
2018	310	129	9.5
2019	330	125	9.4
2020	325	127	9.1

A) Calculate real GDP. Compare nominal and real GDP in the case. Indicate if real GDP or nominal GDP gives a more accurate view of the economy.

B) Define economic growth and calculate economic growth rate in 2019 and 2020.

C) Calculate GDP per capita.

D) Compare the real GDP growth rate and real GDP per capita growth rate in 2018-2019 and 2019-2020. Explain why the real GDP per capita growth rate is higher/lower than the real GDP growth rate. E) Discuss the problems of using real GDP to measure countries standards of living.

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