If nominal GDP rose from $6,500 billion in the base year to $7,030.4 billion in the...
If nominal GDP rose from $6,500 billion in the base year to $7,030.4 billion in the current year and the current year GDP Deflator is 104, then the economy's growth rate is:
a. approximately 2.3%
b. 4%
c. 6.4%
d. approximately 10.6%
Homework Answers
Nominal GDP and real GDP are same in the base year.
In real GDP in the current year is
(Nominal GDP/Real GDP)x100= Deflator
Nominal GDP in the current year is $7030.4
Deflator=104
Real GDP=$7030.4/104=$6760
Rate of growth=(( $6760-$6500)/6500) x100= (260/6500) x100= 4%
Answer is b.
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