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Consider the following data on U.SGDP What was the growth rate of nominal GDP between 1999 and 2009 The growth rate of a variable X over a N-year period is calculated as

Consider the following data on U.S. GDP:  a. What was the growth rate of nominal GDP between 1999 and 2009? (The growth rate of a variable X over a N-year period is calculated as 100 × [(Xfinal/Xinitial)1/N – 1].) b. What was the growth rate of the GDP deflator between 1999 and 2009? c. What was real GDP in 1999 measured in 2005 prices? d. What was real GDP in 2009 measured in 2005 prices? e. What was the growth rate of real GDP between 1999 and 2009? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP?Explain.

May 01 2020 View more View Less

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