Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and $8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997.
a.What was the 1997 real GDP expressed in 1996 prices?
b.What were the 1996 and 1997 GDPs expressed in base-year prices?
c.What was the percent change in the nominal GDP between 1996 and 1997?
d.What was the percent change in real GDP between 1996 and 1997?
e.What was inflation between 1996 and 1997?

Question

Quizplus · Accepted Answer

The Answer of Nominal gross domestic product for the United States was $7,661.6 billion in 1996 and $8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997.
a.What was the 1997 real GDP expressed in 1996 prices?
b.What were the 1996 and 1997 GDPs expressed in base-year prices?
c.What was the percent change in the nominal GDP between 1996 and 1997?
d.What was the percent change in real GDP between 1996 and 1997?
e.What was inflation between 1996 and 1997?

Nominal Gross Domestic Product for the United States Was $7,661