Answered: a. Fill in the blanks in the table…

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter8: Aggregate Demand And The Powerful Consumer

Section8.A: National Income Accounting

Problem 3TY

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The table below shows national data for the economy of Westfall. Round your intermediate calculations to one decimal place. Enter your responses rounded to one decimal place with the exception of Real GDP per capita that can be entered as a whole number.

a. Fill in the blanks in the table below.

201820192020Nominal GDP (in billions)$650$730$ GDP deflator (2010 = 100)112 121Real GDP (in billions)$ $617$ Population (in millions)44 45Real GDP per capita$ $13,854$14,349

b. The inflation rate in 2019 is %.

c. The growth rate of real GDP per capita in the year 2020 is %.

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