Question
For all scenarios below, show your work to justify your responses where calculation is required. a. Nominal GDP is $3 trillion and real GDP is
For all scenarios below, show your work to justify your responses where calculation is required.
a. Nominal GDP is $3 trillion and real GDP is $2.5 trillion. Calculate the GDP deflator.
b. Real GDP is $240 billion and the GDP deflator is 90. Calculate the nominal GDP.
c. Nominal GDP is $22 trillion and the GDP deflator is 110. Calculate the real GDP.
d. Based on the following table, which year had a higher real GDP?
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
