Question

Suppose a county’s national accounts are given by the following table. Year Nominal GDP Deflator Real...

Suppose a county’s national accounts are given by the following table.

Year

Nominal GDP

Deflator

Real GDP

2017

________

104

$755,000

2018

$855,000

105

_______

2019

$950,000

______

$896,226

  1. Complete the missing data in the following table (show formula and calculations here)

2017 Nominal GDP =

2018 Real GDP =

2019 Deflator =

  1. What is the rate of inflation between 2017 and 2019? (show formula and calculations)
  2. What is the growth rate of real GDP between 2018 and 2019 (show formula and calculations)

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