Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7PA
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Question
1. Why the use real
2. Consider the following data on the Pakistan economy:
Nominal GDP GDP Deflator
Year (in billions of rupees) (base year 2012)
2018 21,501 111.4
1998 9,163 76.3
- What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100).
- What was the growth rate of the GDP deflator between 1998 and 2018?
- What was real GDP in 1998 measured in 2012 prices?
- What was real GDP in 2018 measured in 2012 prices?
- What was the growth rate of real GDP between 1998 and 2018?
- Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
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