Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and $8,110.9 billion in 1997 . The GDP deflator was 109.5 in 1996 and 111.6 in 1997
a. What was the 1997 real GDP expressed in 1996 prices?
b. What were the 1996 and 1997 GDPs expressed in base-year prices?
c. What was the percent change in the nominal GDP between 1996 and 1997?
d. What was the percent change in real GDP between 1996 and 1997?
e. What was inflation between 1996 and 1997?
a. $7,958.3 billion
b. $6,996.9 billion; $7,267.8 billion
c. 5.86 percent
d. 3.87 percent
e. 1.92 percent
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If the price level decreases
A) the LM curve will shift to the right. B) the LM curve will shift to the left. C) the IS curve will shift to the right. D) the IS curve will shift to the left.
The monopolist's outcome happens at a:
A. lower quantity than the perfectly competitive one. B. lower price than the perfectly competitive one. C. higher quantity than the perfectly competitive one. D. cost that is equal to a perfectly competitive one.
When a government intentionally lowers the value of its currency, that is called depreciation
a. True b. False Indicate whether the statement is true or false
An explanation for the low saving rate in the United States consistent with the precautionary reason for saving includes:
A. highly-developed financial systems making it easy to buy homes with down payments under 15 percent. B. relatively generous government assistance for the elderly and large down payments required for home purchases. C. confidence in future economic prosperity. D. households spending beyond their means to keep up with community standards.