510
PART EIGHT
THE DATA OF MACROECONOMICS
a.
Compute nominal GDP, real GDP, and the GDP
deflator for each year, using 2001 as the base year.
b.
Compute the percentage change in nominal GDP,
real GDP, and the GDP deflator in 2002 and 2003
from the preceding year. For each year, identify the
variable that does not change. Explain in words
why your answer makes sense.
c.
Did economic wellbeing rise more in 2002 or 2003?
Explain.
6.
Consider the following data on U.S. GDP:
N
OMINAL
GDP
GDP D
EFLATOR
Y
EAR
(
IN BILLIONS
)(
BASE YEAR
1992)
1996
7,662
110
1997
8,111
112
a.
What was the growth rate of nominal GDP between
1996 and 1997? (Note: The growth rate is the
percentage change from one period to the next.)
b.
What was the growth rate of the GDP deflator
between 1996 and 1997?
c.
What was real GDP in 1996 measured in 1992
prices?
d.
What was real GDP in 1997 measured in 1992
prices?
e.
What was the growth rate of real GDP between
1996 and 1997?
f.
Was the growth rate of nominal GDP higher or
lower than the growth rate of real GDP? Explain.
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 Spring '10
 abijian
 Gdp, gross domestic product, T H E D ATA O F M A C R O E C O N O M

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