Calculate real gdp in each year using 2010 as the base, Ask an Expert

Economics

Below are nominal GDP and GDP deflators for four years:

Year Nominal GDP, blns GDP Deflator

2010 $12,000 100

2011 13,000 104

2012 14,490 105

2013 14,800 110

a. Calculate real GDP in each year using 2010 as the base year. Present your results in a table by adding a column titled "Real GDP, blns" to the right of the above table.

b. Calculate the percentage change in nominal GDP and real GDP (add two new columns to the table to illustrate your results). Did the growth in

nominal GDP ever exceed growth in real GDP in any of the last three years? In what year? How does inflation explain it (if it does at all)?

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