Suppose that nominal GDP was $12 trillion in 2040 in Bedrock. In 2050, nominal GDP was $15 trillion in Bedrock. The price level fell 5% between 2040 and 2050, and population growth was 1%. Between 2040 and 2050 in Bedrock, nominal GDP growth was % and economic growth was %. Give your answers to one decimal place.

Suppose that nominal GDP was $12 trillion in 2040 in Bedrock. In 2050, nominal GDP was $15 trillion in Bedrock. The price level fell 5% between 2040 and 2050, and population growth was 1%. Between 2040 and 2050 in Bedrock, nominal GDP growth was % and economic growth was %. Give your answers to one decimal place.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

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

Section7.4: Real Gdp

Problem 2ST

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