Calculate the GDP deflator and the rate of inflation for each year: (€ million) Nominal GDP Real GDP 2013 3,540,000 2,900,000 2014 4,730,000 3,250,000 2015 5,110,000 4,800,200
Calculate the GDP deflator and the rate of inflation for each year: (€ million) Nominal GDP Real GDP 2013 3,540,000 2,900,000 2014 4,730,000 3,250,000 2015 5,110,000 4,800,200
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 16RQ: How do you convert a series of nominal economic data over time to real terms?
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![Calculate the GDP deflator and the rate of inflation for each year:
(€ million)
Nominal GDP
Real GDP
2013
3,540,000
2,900,000
2014
4,730,000
3,250,000
2015
5,110,000
4,800,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F862d3ee5-f06a-4727-b323-c1479630be28%2Fcad8363e-808c-45a6-9937-eeb13bf30c29%2F14rym5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Calculate the GDP deflator and the rate of inflation for each year:
(€ million)
Nominal GDP
Real GDP
2013
3,540,000
2,900,000
2014
4,730,000
3,250,000
2015
5,110,000
4,800,200
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