Question 10: Consider the following data on US GDPYear Nominal GDPGDP deflator(in billions of dollars) (base year 2009)108.373.82014 174191994 7309a. What was the growth rate of nominal GDP between1994 and 2014?b. What was the growth rate of the GDP deflatorbetween 1994 and 2014?c. What was real GDP in 1994 measured in 2009prices?d. What was real GDP in 2014 measured in 2014prices?e. What was the growth rate of real GDP between 1994and 2014?f. Was the growth rate of nominal GDP higher or lowerthan the growth rate of real GDP? Explain.

Nominal GDP measures the market value of final goods and services at the current market price. Real…

Question 10: Consider the following data on US GDP Year Nominal GDP GDP deflator (in billions of dollars) (base year 2009) 108.3 73.8 2014 17419 1994 7309 a. What was the growth rate of nominal GDP between 1994 and 2014?

Question 10: Consider the following data on US GDP Year Nominal GDP GDP deflator (in billions of dollars) (base year 2009) 108.3 73.8 2014 17419 1994 7309 a. What was the growth rate of nominal GDP between 1994 and 2014?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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