Q. Consider the following data on US GDP.
Year, Nominal GDP (billions), GDP Deflator (base year:1996)
2000 $9873 1183 1999 $9269 113
a) Illustrate what was the growth rate of nominal GDP between 1999 and 2000(growth rate is the % change from one period to the next)
b) Illustrate what was the growth rate of the GDP deflator between 1999 and 2000?
c) Illustrate what was real GDP in 1999 measured in 1996 prices?
d) Illustrate what was real GDP in 2000 measured in 1996 prices?
e) Illustrate what was the growth rate of real GDP between 1999 and 2000?