import goods, used goods, or interest payments, and early estimates are often unreliable and have to be
revised repeatedly. However, the GDP-deflator is the most complete of the price indexes.
14. Assume last year's real GDP was $7,000 billion, this year's nominal GDP is $8,820 billion, and
the GDP-deflator for this year is 120. What was the growth rate of real GDP?
Comment on the following statement:
“A country that spends more than its total national income must have a trade deficit.”
16. Calculate the values for government outlays (G), saving (S), and investment (I) from the