Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the following data on U.S.
| Year | Nominal GDP (in billions of dollars) | GDP Deflator (base year 2009) |
| 2014 | 17,419 | 108.3 |
| 1994 | 7,309 | 73.8 |
Answer the following questions. Please explain in detail of your calculation (if needed).
1. What is GDP Deflator? What does it mean when GDP Deflator in 2014 was 108.3?
2. What was the growth rate of nominal GDP between 1994 and 2014?
3. What was the growth rate of GDP Deflator between 1994 and 2014?
4. What was real GDP in 1994 and 2014 measured in 2009
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