In year 1, nominal GDP for the United States was $2,250 billion and in year 2 it was $2,508 billion. The GDP deflator was 72 in year 1 and 79 in year 2. Between year 1 and year 2, real GDP rose by:

Answers

Answer 1

Answer:

Answer:

1.6%

Step-by-step explanation:

The real GDP is given by the nominal GDP divided by the GDP deflator, the real GDP for year 1 and year 2, respectively, were:

$GDP_1=(2250)/(0.72)\nGDP_1=\$3,125\ billion\n\nGDP_2=(2,508)/(0.79)\nGDP_2=\$3,174.68\ billion$

The percentage change in GDP is:

$P=(3,174.68-3,125)/(3,125)\n P=0.016=1.6\%$

Between year 1 and year 2, real GDP rose by 1.6%.

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Answers

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