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Elza [17]
3 years ago
10

In year 1, nominal GDP for the United States was $2,250 billion and in year 2 it was $2,508 billion. The GDP deflator was 72 in

year 1 and 79 in year 2. Between year 1 and year 2, real GDP rose by:_______
a. 11.4 percent.
b. 2.4 percent.
c. 1.6 percent.
d. 9.7 percent.
Business
1 answer:
leonid [27]3 years ago
7 0

Answer:

c. 1.6 percent.

Explanation:

GDP Deflator = Nominal GDP / Real GDP * 100

year 1

Real GDP = $2250 billion/72*100

                = $ 3125.

year 2

Real GDP = $2508 billion/79*100

                = $3175  

Real GDP rose by = Real GDP (2nd year) - Real GDP (1st year)

                              = $3175 - $3125

                              = $ 50

% increase = $50/$2,250*100

                  = 1.6%

Therefore, The Real GDP rose by 1.6%.

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2 years ago
Consider the following information about production in quarter 1 of 2019. Firm T produces 600 tires at a cost of $28 each, and s
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