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why is it essential to differentiate between real and nominal growth rates of​ gdp?

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Divya Singh
Divya SinghLv10
7 Oct 2020
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why is it essential to differentiate between real and nominal growth rates of gdp?

12. Problems and Applications Q6 Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2005) 2012 15,676 115.4 2002 10,642 92.2 The growth rate of nominal GDP between 2002 and 2012 was , and the growth rate of the GDP deflator between 2002 and 2012 was (Hint: The growth rate of a variable over an -year period is calculated as ) Measured in 2005 prices, real GDP was in 2002 and in 2012. The growth rate of real GDP between 2002 and 2012 was The growth rate of nominal GDP between 2002 and 2012 was than the growth rate of real GDP.

The following table gives nominal GDP and the price index for two years. 

 

YEAR NOMINAL GDP REAL GDP  POPULATION 
2010 5600 4667 100
2011 6440 5031  105
 
From the table, determine the per capita real GDP for each year, the growth rate of real GDP between 2010 and 2011, and the growth rate of per capita real GDP. 
What is the per capita real GDP for each year, the growth rate of real GDP between 2010 and 2011, was ________and the growth rate of per capita real GDP was ________.
 

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