Below are nominal GDP and GDP deflators for four years. Year Nominal GDP in billions GDP Deflator

Year1 $21,000 100

Year 2 21,560 103

Year 3 22,495 105

Year 4 23,280 108

a. Calculate real GDP in each year.

Instructions: Round your responses to the nearest whole number.

For Year 1, GDP is $ billion.

For Year 2, GDP is $ billion.

For Year 3, GDP is $ billion.

For Year 4, GDP is $ billion.

b. Did the percentage change in nominal GDP exceed the percentage change in real GDP in any of the last three years listed?

c. In which year did society’s welfare increase the most?

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the correct answer is b.)

answer; someone must cover the cost associated with the provision of scarce goods in both sectors;