Question

Year Nominal GDP Real GDP GDP deflator 2017 $98.5m $98.5m 100 2018 $102.8m $101.6m 101 2019 $105.8m $102.7m 103 What is the GDP growth rate from 2017 to 2018? Group of answer choices 0.032% 4.37% 3.15% 0.044% 

          Year Nominal GDP Real GDP GDP deflator
2017 $98.5m $98.5m 100
2018 $102.8m $101.6m 101
2019 $105.8m $102.7m 103
What is the GDP growth rate from 2017 to 2018?
Group of answer choices
0.032%
4.37%
3.15%
0.044%

Added by Melanie B.

Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Year Nominal GDP Real GDP GDP deflator 2017 $98.5m $98.5m 100 2018 $102.8m $101.6m 101 2019 $105.8m $102.7m 103 What is the GDP growth rate from 2017 to 2018? Group of answer choices 0.032% 4.37% 3.15% 0.044%
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Transcript

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0:00 Hello everyone.
00:01 So the first part of the question says that what is the nominal gdp measure for 2018? so cost of basket in 2018 is equals to price of pizza multiplied by quantity of pizza plus price of donuts multiplied by quantity of donuts plus price of donuts plus price of donuts plus price of crude oil multiplied by quantity of crude oil plus price of used phone multiplied by quantity of used phone plus price of personal loan multiplied by quantity of personal loan plus multiplied by quantity of hair cut.
02:16 Now we'll put the values in this formula.
02:21 So we'll get hundred multiplied by 10 plus 200 multiplied by 1 plus 100 multiplied by 20 plus 100 multiplied by 20 plus 100 multiplied by 100 plus 100 multiplied by 100 plus 100 multiplied by 100 plus 100 multiplied by 10 which on solving gives $24 ,200...
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