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.

Nominal GDP in billions Year GDP Deflator Year 1 Year 2 Year 3 Year 4 $18,000 18,540 19,467 20,246 100 103 104 106

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?

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Macroeconomics

ISBN: 978-1259663048

10th edition

Authors: David C. Colander

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Question Posted: Dec 05, 2018 07:16 AM

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

Question:

Nominal GDP in billions Year GDP Deflator Year 1 Year 2 Year 3 Year 4 $18,000 18,540 19,467 20,246 100 103 104 106

Step by Step Answer:

a Real GDP Nominal GDPGDP Deflator 100 For Year 1 18000100 100 18000 billion For Year 2 ...View the full answer

Macroeconomics

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