Consider the following data on U.S. GDP: Nominal GDP Year (Billions of dollars) 2017 19,485 1997 8,578 GDP Deflator (Base year 2012) 107.95 74.45 The growth rate of nominal GDP between 1997 and 2017 was . (Hint: The growth rate of a variable X over an N-year period is calculated as 100 x Measured in 2012 prices, real GDP was values you compute.) billion in 1997 and The growth rate of real GDP between 1997 and 2017 was , and the growth rate of the GDP deflator between 1997 and 2017 was ·(())-₁), X final (²) Xinitial The growth rate of nominal GDP between 1997 and 2017 was billion in 2017. (Note: Select the answers closest to the than the growth rate of real GDP.
Consider the following data on U.S. GDP: Nominal GDP Year (Billions of dollars) 2017 19,485 1997 8,578 GDP Deflator (Base year 2012) 107.95 74.45 The growth rate of nominal GDP between 1997 and 2017 was . (Hint: The growth rate of a variable X over an N-year period is calculated as 100 x Measured in 2012 prices, real GDP was values you compute.) billion in 1997 and The growth rate of real GDP between 1997 and 2017 was , and the growth rate of the GDP deflator between 1997 and 2017 was ·(())-₁), X final (²) Xinitial The growth rate of nominal GDP between 1997 and 2017 was billion in 2017. (Note: Select the answers closest to the than the growth rate of real GDP.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider the following data on U.S. GDP:
Year
2017
1997
Nominal GDP
(Billions of dollars)
19,485
8,578
GDP Deflator
(Base year 2012)
107.95
74.45
The growth rate of nominal GDP between 1997 and 2017 was
(Hint: The growth rate of a variable X over an N-year period is calculated as 100 x
Measured in 2012 prices, real GDP was
values you compute.)
billion in 1997 and
The growth rate of real GDP between 1997 and 2017 was
and the growth rate of the GDP deflator between 1997 and 2017 was
;)(*) – ₁),
The growth rate of nominal GDP between 1997 and 2017 was
X final (+)
Xinattal
billion in 2017. (Note: Select the answers closest to the
than the growth rate of real GDP.
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