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Question 1 Problem 1. The following table shows Nominal GDP for two consecutive years together with the GDP Deflator Index Calculate the following: a) Real GDP for each year. b) The inflation rate over the 1-year period from the first year to the second. c) The growth rate of Nominal GDP. d) The growth rate of Real GDP. Does the data seem to indicate a recession or a growing economy? Explain briefly e) Find the difference between the answer to c) and the answer to b). Year 2029 2030 Nominal GDP ($ billion). 5000 5350 GDP Deflator 240 252 Real GDP

Question 1 Problem 1. The following table shows Nominal GDP for two consecutive years together with the GDP Deflator Index Calculate the following: a) Real GDP for each year. b) The inflation rate over the 1-year period from the first year to the second. c) The growth rate of Nominal GDP. d) The growth rate of Real GDP. Does the data seem to indicate a recession or a growing economy? Explain briefly e) Find the difference between the answer to c) and the answer to b). Year 2029 2030 Nominal GDP ($ billion). 5000 5350 GDP Deflator 240 252 Real GDP

ENGR.ECONOMIC ANALYSIS
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 1 Problem 1. The following table shows Nominal GDP for two consecutive years together with the GDP Deflator Index Calculate the following: a) Real GDP for each year. b) The inflation rate over the 1-year period from the first year to the second. c) The growth rate of Nominal GDP. d) The growth rate of Real GDP. Does the data seem to indicate a recession or a growing economy? Explain briefly. e) Find the difference between the answer to c) and the answer to b). Year 2029 2030 Nominal GDP ($ billion). 5000 5350 GDP Deflator 240 252 Real GDP
Transcribed Image Text:Question 1 Problem 1. The following table shows Nominal GDP for two consecutive years together with the GDP Deflator Index Calculate the following: a) Real GDP for each year. b) The inflation rate over the 1-year period from the first year to the second. c) The growth rate of Nominal GDP. d) The growth rate of Real GDP. Does the data seem to indicate a recession or a growing economy? Explain briefly. e) Find the difference between the answer to c) and the answer to b). Year 2029 2030 Nominal GDP ($ billion). 5000 5350 GDP Deflator 240 252 Real GDP
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