A ngdp is 5 trillion in yr 1 and 54 trillion one year later, Business Economics

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A ngdp is 5 trillion in yr 1 and 54 trillion one year later

A) nGDP is $5 trillion in Yr 1 and $5.4 trillion one year later. What is the GDP growth rate?

B) If rGDP in Yr 1 was also $5 trillion what can you say about Yr1?

C) If rGDP grew 5% between Yr. 1 and Yr. 2 what did GDP prices do?

(Hint: use part A. If you know GDP growth with both output and prices and now you now output by itself, what must prices have done?).

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Business Economics: A ngdp is 5 trillion in yr 1 and 54 trillion one year later

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