Business, 29.10.2020 16:40, Nerdylearner8639
Below are nominal GDP and GDP deflators for four years.
Year Nominal GDP in billions GDP Deflator
Year1 $21,000 100
Year 2 21,560 103
Year 3 22,495 105
Year 4 23,280 108
a. Calculate real GDP in each year.
Instructions: Round your responses to the nearest whole number.
For Year 1, GDP is $ billion.
For Year 2, GDP is $ billion.
For Year 3, GDP is $ billion.
For Year 4, GDP is $ billion.
b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed?
c. In which year did society’s welfare increase the most?
Answers: 2
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Below are nominal GDP and GDP deflators for four years.
Year Nominal GDP in billions GDP Deflator
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