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 - Questions For Review - Page 214: 7

Answer

Percentage change in real GDP is (400-200)/200x100= 100%. The percentage change in nominal GDP was (600-200)/200x100 =200%. The GDP deflator percentage change was (150-100)/100x100=50%

Work Step by Step

To do this question first you must utilize the formulas then calculate each value and convert to percent by multiplying by 100. You have done this correct if the nominal GDP is greater than the real GDP.
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