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Nominal GDP (Trillions) Population (Millions) Deflator in Year 1 $$ GDP Deflator Year 1 20.54 79 281.4 Year 2 21.43 98 308.7 Year 3 19.29

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Nominal GDP (Trillions) Population (Millions) Deflator in Year 1 $$ GDP Deflator Year 1 20.54 79 281.4 Year 2 21.43 98 308.7 Year 3 19.29 115 332.6 a. Complete column 4 by showing the GDP deflator expressed in year 3 dollars. b. What is real GDP in Year 2 measured in Year 3 dollars? c. What is real GDP in Year 3 measured in Year 3 dollars? d. What is real GDP per capita in Year 2 (measured in Year 3 dollars?)? e. What is real GDP per capita in Year 3 (measured in Year 3 dollars?)? f. What is the rate of real GDP growth rate between Years 2 and 3? 8. What is the rate of real output growth per capita between Years 2 and 37 (Hint: Use per capita data in the output growth rate formula.)

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