Growth rate of nominal gdp between 1998 and 2018

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Consider the following data on U.S. GDP:

Year

Nominal GDP

GDP Deflator

(Billions of dollars)

(Base year 2009)


2018

20,501

110.40

1998

9,063

75.30

The growth rate of nominal GDP between 1998 and 2018 was, and the growth rate of the GDP deflator between 1998 and 2018 was. (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)-1)100×XfinalXinitial1N-1)

Measured in 2009 prices, real GDP was billion in 1998 and billion in 2018. (Note: Select the answers closest to the values you compute.)

The growth rate of real GDP between 1998 and 2018 was.

The growth rate of nominal GDP between 1998 and 2018 was than the growth rate of real GDP.

Reference no: EM133129123

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