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A) Suppose nominal GDP rose from 6250 billion in 1995 to 6630 billio

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a) Suppose nominal GDP rose from 6250 billion in 1995 to
6630 billion in 1996. If the GDP deflator rose from 125 to
130 during this time, what was the percent growth in real
GDP?
b) Given the data in part (a), what was the rate of inflation
for goods and services produced in the U.S. economy?
Solution
The formula to calculate growth in real GDP= [Final Real
GDP

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a) Suppose nominal GDP rose from 6250 billion in 1995 to 6630 billion in 1996. If the GDP deflator rose from 125 to 130 during this time, what was the percent growth in real GDP? b) Given the data in part (a), what was the rate of inflation for goods and services produced in the U.S. economy? Solut ...
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