Macroeconomic Concepts. Explain to a non-economist the following concepts (carries 10 marks each) 1. The Difference between real and nominal GDP 2. The real exchange rates 3. The interest rate parity 4. The Terms of Trade
Why was there a difference between the growth rate in nominal GDP and real GDP?
1. (20 points) Nominal GDP GDP Deflator Year (tlillions 5) (base year 2005) 2020 $15 2002 $10 92 a. Calculate the growth rate of nominal GDP between 2002 and 2020. You may use the formula 100 x over an N-year period and then a calculator on the web, but make sure you show how you […]