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(Solved): Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from ...
Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. From 2020602021 , did not change; and from 2021 to 2022 ; did not change. Comparing the changes in 2021 and 2022 , economic well-being increased more in
Expert Answer
Formula to calculate % change in nominal GDP nominal GDP of the current year - nominal GDP of previous year/ nominal GDP of previous year ×100 Formula to calculate % change in real GDP Real GDP of the current year - real GDP of previous year/ real GD