GDP and real GDP

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• GDP

  224855 Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? 1. Compute the real GDP when provided the nominal GDP and an appropriate price index for a group of selected years. 2.

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  and nominal GDP in 1998 was $8,781.50 billion, calculate the percentage change from 1997 to 1998 in nominal GDP, real GDP, and the price level.

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