Consider the following data about U.S. real GDP for the George W. H. Bush (1989-1993) and Bill Clinton (1993-2001) administrations: Year Real GDP (US$ billions) 1989 8786.4 1993 9521.0 2001 12682.3 The total growth rate for the Bill Clinton administration is (round to the nearest two decimals):
Consider the following data about U.S. real GDP for the George W. H. Bush (1989-1993) and Bill Clinton (1993-2001) administrations: Year Real GDP (US$ billions) 1989 8786.4 1993 9521.0 2001 12682.3 The total growth rate for the Bill Clinton administration is (round to the nearest two decimals):
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Real GDP is a macroeconomic measure of the value of economic output that has been adjusted for price changes. This adjustment converts nominal GDP, a money-value measure, into an index of total output quantity. Real GDP is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year (expressed in base-year prices).
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