Principles of Macroeconomics 7th Edition

Published by South-Western College
ISBN 10: 1-28516-591-8
ISBN 13: 978-1-28516-591-2

Chapter 10 - Measuring a Nation's Income - Problems and Applications - Page 215: 4

Answer

Nominal GDP: year 2013 = \$200 year 2014 = \$400 year 2015 = \$800 Real GDP: year 2013 = \$200 year 2014 = \$400 year 2015 = \$400 GDP Deflator: year 2013 = 100 year 2014 = 100 year 2015 = 200 Percentage Change year 2014: Nominal GDP = 100% Real GDP = 100% GDP Deflator = 0% year 2015: Nominal GDP = 100% Real GDP = 0% GDP Deflator = 100%

Work Step by Step

Nominal GDP: year 2013 = \$200 year 2014 = \$400 year 2015 = \$800 Real GDP: year 2013 = \$200 year 2014 = \$400 year 2015 = \$400 GDP Deflator: year 2013 = 100 year 2014 = 100 year 2015 = 200 Percentage Change year 2014: Nominal GDP = 100% Real GDP = 100% GDP Deflator = 0% year 2015: Nominal GDP = 100% Real GDP = 0% GDP Deflator = 100%
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