Illustrate what was the growth rate of real gdp
Solving for growth rate of Real GDP
Suppose last year's real GDP was $7,000 billion, this year's nominal GDP is $8,820 billion, and the GDP-deflator for this year is 120. Illustrate what was the growth rate of real GDP?
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Suppose last year's real GDP was $7,000 billion, this year's nominal GDP is $8,820 billion, and the GDP-deflator for this year is 120. Illustrate what was the growth rate of real GDP.
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