Question
FAA Budget (**): The following table contains information on the budget of the Federal Aviation Administration (FAA) and the GDP deflator. Item 2002 2017 Total
FAA Budget (**): The following table contains information on the budget of the Federal Aviation Administration (FAA) and the GDP deflator. Item 2002 2017 Total Actual (in Billion $) 13.818 15.734 GDP Implicit Price Deflator (2010 = 100) 84.33 112.32 Answer the following questions:
Compute the percentage change in FAAs budget in nominal dollars from 2002 to 2017.
Compute the annual compound growth rate of the FAAs budget in nominal dollars from 2002 to 2017.
Compute the percentage change in prices from 2002 to 2017.
Compute the annual compound growth rate in prices from 2002 to 2017.
Compute the percentage change in FAAs budget in real 2017 dollars from 2002 to 2017.
Compute the annual compound growth rate of the FAAs budget in real 2017 dollars from 2002 to 2017.
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