Suppose the following information on Nominal GDP and Average Prices. Use 2011 as your base year. Compute each of the GDP Deflator, Real GDP, and Growth Rate of Real GDP for all of the years in question, show your work, then fill in the Table. Average GDP Price Deflator Growth Rate of Real GDP Year Nominal GDP Real GDP 2010 18325.20 18.00 2011 19000.00 19.00 2012 20050.00 20.50 2013 24250.50 21.25 2014 26800.00 22.50 2015 28000.00

Suppose the following information on Nominal GDP and Average Prices. Use 2011 as your base year. Compute each of the GDP Deflator, Real GDP, and Growth Rate of Real GDP for all of the years in question, show your work, then fill in the Table. Average GDP Price Deflator Growth Rate of Real GDP Year Nominal GDP Real GDP 2010 18325.20 18.00 2011 19000.00 19.00 2012 20050.00 20.50 2013 24250.50 21.25 2014 26800.00 22.50 2015 28000.00

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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