Consider the following data on U.S. GDP:

a. What was the growth rate of nominal GDP between 1999 and 2009? (The growth rate of a variable X over a N-year period is calculated as 100 × [(Xfinal/Xinitial)1/N – 1].)
b. What was the growth rate of the GDP deflator between 1999 and 2009?
c. What was real GDP in 1999 measured in 2005 prices?
d. What was real GDP in 2009 measured in 2005 prices?
e. What was the growth rate of real GDP between 1999 and 2009?
f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP?Explain.

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Nominal GDP GDP Deflator (base year 2005) 109.8 86.8 Year in billions of dollars) 2009 1999 14,256 9,353