Suppose an economy's growth rate in real GDP is 3% and its inflation rate is 5%. Given this information, what should be the approximate change in nominal GDP? A. 8% B. -2% C. 2% D. 15%
Suppose an economy's growth rate in real GDP is 3% and its inflation rate is 5%. Given this information, what should be the approximate change in nominal GDP? A. 8% B. -2% C. 2% D. 15%
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.4: Real Gdp
Problem 2ST
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![Suppose an economy's growth rate in real GDP is 3% and its
inflation rate is 5%. Given this information, what should be the
approximate change in nominal GDP?
A. 8%
B. -2%
C. 2%
D. 15%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12db759e-c2ad-4c74-a07b-f8464219aa08%2F2661ddc3-da3f-49bf-8215-7fdd29062515%2Fxyqiqpe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose an economy's growth rate in real GDP is 3% and its
inflation rate is 5%. Given this information, what should be the
approximate change in nominal GDP?
A. 8%
B. -2%
C. 2%
D. 15%
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