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Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and $8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given the above data, complete the following questions: a. What was the 1997 real GDP expressed in 1996 prices? b. What were the 1996 and 1997 GDPs expressed in base-year prices? c. What was the percent change in the nominal GDP between 1996 and 1997? d. What was the percent change in real GDP between 1996 and 1997? e. What was inflation between 1996 and 1997?

Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and $8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given the above data, complete the following questions: a. What was the 1997 real GDP expressed in 1996 prices? b. What were the 1996 and 1997 GDPs expressed in base-year prices? c. What was the percent change in the nominal GDP between 1996 and 1997? d. What was the percent change in real GDP between 1996 and 1997? e. What was inflation between 1996 and 1997?

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
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Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and
$8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given the
above data, complete the following questions:
a. What was the 1997 real GDP expressed in 1996 prices?
b. What were the 1996 and 1997 GDPs expressed in base-year prices?
c. What was the percent change in the nominal GDP between 1996 and 1997?
d. What was the percent change in real GDP between 1996 and 1997?
e. What was inflation between 1996 and 1997?

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