Q1. Consider the subsequent data on U.S. GDP:

Year Nominal GDP Deflator
(in Billions) (Base Year 1992)
1996 7,662 110
1997 8,111 112

Illustrate what was the growth rate of nominal GDP between 1996 also 1997?

Q2. Why do economists use real GDP per capita to measure the economic progress?

Q3. A organization currently sells 60,000 units a month at $10 per unit. The marginal cost per unit is $6. The organization decided to raise the price about 10%, to $11. if the price elasticity of demand is which price range , then profit would increase if the organization decided to raise the price by 10%