Answered: Consider 2019 USA nominal GDP value was…

Consider 2019 USA nominal GDP value was $20 trillion and 2020 was $23 Calculate its nominal growth rate. (1) If inflation was 3% during 2019 what will be the real GDP growth rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Consider 2019 USA nominal GDP value was $20 trillion and 2020 was $23

Calculate its nominal growth rate. (1)
If inflation was 3% during 2019 what will be the real GDP growth rate? (1)

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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