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Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950 Exercise 9
Consider the following data on U.S. GDP:
![Consider the following data on U.S. GDP: a. What was the growth rate of nominal GDP between 2002 and 2012? ( Hint : The growth rate of a variable X over an N -year period is calculated as 100 × [( X final / X initial ) 1/ N ? 1].) b. What was the growth rate of the GDP deflator between 2002 and 2012? c. What was real GDP in 2002 measured in 2005 prices?](https://storage.examlex.com/SM2465/11eb7434_84bb_70b2_a720_6172eec2dbbc_SM2465_00.jpg)
a. What was the growth rate of nominal GDP between 2002 and 2012? ( Hint : The growth rate of a variable X over an N -year period is calculated as 100 × [( X final / X initial ) 1/ N ? 1].)
b. What was the growth rate of the GDP deflator between 2002 and 2012?
c. What was real GDP in 2002 measured in 2005 prices?
a. What was the growth rate of nominal GDP between 2002 and 2012? ( Hint : The growth rate of a variable X over an N -year period is calculated as 100 × [( X final / X initial ) 1/ N ? 1].)
b. What was the growth rate of the GDP deflator between 2002 and 2012?
c. What was real GDP in 2002 measured in 2005 prices?
Explanation
Verified
Verified
a.
Growth rate of nominal GDP:
Nominal...
Essentials of Economics 7th Edition by Gregory Mankiw
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