Consider the following data on U.S. GDP: Year Nominal GDP(in billions) GDP Defla

Question

Consider the following data on U.S. GDP:

Year Nominal GDP(in billions) GDP Deflator(base year 2005)
2009 $14,256 109.8
1999 $9,353 86.8

1. What was the growth rate of nominal GDP between 1999 and 2009? Round your answer to one decimal place. (Hint: The growth rate of a variable X over a N-year period is calculated as 100 x [(Xfinal/Xinitial)1/N-1].)
%

2. What was the growth rate of the GDP deflator from 1999 to 2009? Round your answer to one decimal place.
%

3. What was real GDP in 1999 measured in 2005 prices? Round your answer to the nearest cent.
$

4. What was real GDP in 2009 measured in 2005 prices? Round your answer to the nearest cent.
$

5. What was the growth rate of real GDP from 1999 to 2009? Round your answer to one decimal place.
%

6. Which growth rate was higher between 1999 and 2009: the growth rate of nominal GDP or the growth rate of real GDP?


Im confused on whether to use the given equation in number 1 or do the normal equation of (GDP1-GDP2)/GDP2

Explanation / Answer

please tell me 2nd answer??

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