Assume real GDP in 2019 was $17,230 billion, nominal GDP in 2020 was $18,316 billion, and the GDP‑deflator has increased from 100 in 2019 to 113 in 2020.  a. What is the annual growth rate of real GDP?  b. Do you think the welfare of all people in the U.S. has increased during that time? Why or why not?  c. Calculate the inflation rate in 2020

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Chapter5: National Income Accounting
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Assume real GDP in 2019 was $17,230 billion, nominal GDP in 2020 was $18,316 billion, and the GDP‑deflator has increased from 100 in 2019 to 113 in 2020. 

a. What is the annual growth rate of real GDP? 

b. Do you think the welfare of all people in the U.S. has increased during that time? Why or why not? 

c. Calculate the inflation rate in 2020. 

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