Answered: Nominal GDP in billions of GDP Deflator…

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Nominal GDP in billions of GDP Deflator (base year Year dollars) 2009) 2014 17,419 108.3 1994 7,309 73.8

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 3.6P

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Question

Cosider the following data on U.S GDP:a.What was the growth rate of nominal GDP between 1994 to 2014?b.What was the growth rate of the GDPdeflator between 1994 to 2014?c.What was the real GDP in 1994 measured in 2009 prices?d.What was the real GDP in 2014measured in 2009 prices?e.What was the growth rate of the GDP between 1994 to 2014?f.Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP?Explain.

Nominal GDP in billions of
GDP Deflator (base year
Year
dollars)
2009)
2014 17,419
108.3
1994 7,309
73.8

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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