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Consider the following data on US GDP Year Nominal GDP (in billions of dollars) GDP Deflator (base year 2009 2014 17,419 108.3 1994 7,309 73.8 a. what was the growth rate of nominal GDP between 1994 and 2014? b. what was the growth rate of the GDP deflator between 1994 and 2014? c. what was real GDP in 1994 measured in 2009 prices? d. what was real GDP in 2014 measured in 2009 prices? e. what was the growth rate of real GDP between 1994 and 2014Consider the following data on US GDP Year Nominal GDP (in billions of dollars) GDP Deflator (base year 2009 2014 17,419 108.3 1994 7,309 73.8 a. what was the growth rate of nominal GDP between 1994 and 2014? b. what was the growth rate of the GDP deflator between 1994 and 2014? c. what was real GDP in 1994 measured in 2009 prices? d. what was real GDP in 2014 measured in 2009 prices? e. what was the growth rate of real GDP between 1994 and 2014? f. was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.? f. was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
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