Consider the following data on U.S. GDP:

Year Nominal GDP GDP Deflator

(Billions of dollars) (Base year 2009)

2016 18,707105.93 1996 8,07373.18

The growth rate of nominal GDP between 1996 and 2016 was[ %], and the growth rate of the GDP deflator between 1996 and 2016 was[ %].

Measured in 2009 prices, real GDP was [$ ] billion in 1996 and [$ ]billion in 2016. (Note: Select the answers closest to the values you compute.)

The growth rate of real GDP between 1996 and 2016 was[ %] .

The growth rate of nominal GDP between 1996 and 2016 was [Higher or Lower]than the growth rate of real GDP.