Consider the following data on U.S. GDP: Nominal GDP Year (Billions of dollars) 2017 19,485 1997 8,578 GDP Deflator (Base year 2012) 107.95 74.45 The growth rate of nominal GDP between 1997 and 2017 was . (Hint: The growth rate of a variable X over an N-year period is calculated as 100 x Measured in 2012 prices, real GDP was values you compute.) billion in 1997 and The growth rate of real GDP between 1997 and 2017 was , and the growth rate of the GDP deflator between 1997 and 2017 was ·(())-₁), X final (²) Xinitial The growth rate of nominal GDP between 1997 and 2017 was billion in 2017. (Note: Select the answers closest to the than the growth rate of real GDP.

Consider the following data on U.S. GDP: Nominal GDP Year (Billions of dollars) 2017 19,485 1997 8,578 GDP Deflator (Base year 2012) 107.95 74.45 The growth rate of nominal GDP between 1997 and 2017 was . (Hint: The growth rate of a variable X over an N-year period is calculated as 100 x Measured in 2012 prices, real GDP was values you compute.) billion in 1997 and The growth rate of real GDP between 1997 and 2017 was , and the growth rate of the GDP deflator between 1997 and 2017 was ·(())-₁), X final (²) Xinitial The growth rate of nominal GDP between 1997 and 2017 was billion in 2017. (Note: Select the answers closest to the than the growth rate of real GDP.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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