ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Consider the following data on U.S. GDP:
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 prices?
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