Calculate growth rate of nominal gdp

Reference no: EM1313875

Consider the following data on US GDP

Year	Nominal GDP(in billions $)	GDP Deflator(base year 1996)
2000	9,873	118
1999	9,269	113

a. What was the growth rate of nominal GDP between 1999 and 2000? (Note the growth rate is the percentage change from one period to the next).

b. What was the growth rate of the GDP deflator between 1999 and 2000?

c. What was the real GDP in 1999 measured in 1996 prices?

d. What was real GDP in 2000 measured in 1996 prices?

e. What was the growth rate of real GDP between 1999 and 2000?

f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain?

Reference no: EM1313875

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