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    Gross Domestic Product

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    Nominal GDP in a country was $8,759.9 billion in 2003 and $9,254.6 billion in 2004. The price index was 102.86 for 2003 and 104.37 for 2004. (a) What was the growth rate of nominal GDP between 2003 and 2004? (b) What was the inflation rate from 2003 to 2004? (c) What was the growth rate of real GDP between 2003 and 2004?

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    Solution Preview

    Part A
    The growth rate of nominal GDP was $9.254.6/$8,759.9 - 1 = 0.0565 ...

    Solution Summary

    This solution analyzes the growth rate of nominal GDP, inflation rate and growth rate of real GDP.

    $2.19