Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 i) What was real GDP in 2018 measured in 2012 prices? ii) What was the growth rate of real GDP between 1998 and 2018? iii) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.

Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 i) What was real GDP in 2018 measured in 2012 prices? ii) What was the growth rate of real GDP between 1998 and 2018? iii) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter20: Growth And Less Developed Countries

Section: Chapter Questions

Problem 2SQ

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