An economy has nominal GDP of $16,768 billion in year 1 and $17,419 billion in year 2. If real GDP is $15,710 billion in 2019 and $16,086 billion in year 2, by how much did the price level rise between year 1 and year 2?

An economy has nominal GDP of $16,768 billion in year 1 and $17,419 billion in year 2. If real GDP is $15,710 billion in 2019 and $16,086 billion in year 2, by how much did the price level rise between year 1 and year 2?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 14QP

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