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Assume real GDP in 2000 was $7,000 billion, nominal GDP in 2004 was $8,316 billion, and the GDPdeflator has increased from 100 to 110 between

Assume real GDP in 2000 was $7,000 billion, nominal GDP in 2004 was $8,316 billion, and the GDPdeflator has increased from 100 to 110 between 2000 and 2004. What is the average annual growth rate of real GDP from 2000 to 2004? Do you think the welfare of all people in the country has increased during that time? Why or why not?

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