Below are nominal GDP and GDP deflators for four years. a. Calculate real GDP in each year.

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Below are nominal GDP and GDP deflators for four years.

a. Calculate real GDP in each year.
b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed?
c. In which year did society's welfare increase the most? L06

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Macroeconomics

ISBN: 978-0077307110

8th edition

Authors: David Colander

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Question Posted: Feb 12, 2016 04:55 AM

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Below are nominal GDP and GDP deflators for four years. a. Calculate real GDP in each year.

Question:

Year 2005 2006 2007 2008 Nominal GDP in billions S12,421.9 13,178.4 13,807.5 14,264.6 GDP Deflator 113.0 116.7 119.8 122.4

Step by Step Answer:

a 2005 10993 billion 2006 11293 billion 2007 11525 billion 2008 ...View the full answer

Macroeconomics

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