Consider the following data on the X-product: a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?
Consider the following data on the X-product:
a) What was the growth rate of nominal
b) What was the growth rate of the GDP deflator between 2010 and 2011?
c) What was real GDP in 2010 measured in 2005
d) What was real GDP in 2011 measured in 2005 price?
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Consider the following data on the X-product:
a) What was the growth rate of nominal GDP between 2010 and 2011?
b) What was the growth rate of the GDP deflator between 2010 and 2011?
c) What was real GDP in 2010 measured in 2005 price?
d) What was real GDP in 2011 measured in 2005 price?
e) What was the growth rate of real GDP between 2010 and 2011?
f) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
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