Question
Year Nominal GDP(Billions of current dollars Real GDP(Billions of dollars of 2009) 2013 16,691.50 15,612.20 2014 17,393.10 15,982.30 2015 18,036.60 16,397.20 2016 18,569.10 16,662.10 Compute
| Year | Nominal GDP(Billions of current dollars | Real GDP(Billions of dollars of 2009) |
|---|---|---|
| 2013 | 16,691.50 | 15,612.20 |
| 2014 | 17,393.10 | 15,982.30 |
| 2015 | 18,036.60 | 16,397.20 |
| 2016 | 18,569.10 | 16,662.10 |
Compute the rate of growth of the economy (use real GDP), and briefly comment on your results.
-Between 2013 and 2014
-Between 2014 and 2015
-Between 2015 and 2016
Which one is more important: Nominal GDP or Real GDP? Explain Why.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To compute the rate of growth of the economy using real GDP we can use the following formula Rate of ...
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Economics
Authors: R. Glenn Hubbard
6th edition
978-0134797731, 134797736, 978-0134106243
