7. Adding to Table 11.1, if in 2007 real GDP was $13,206.4 billion and nominal G

Question

7. Adding to Table 11.1, if in 2007 real GDP was
$13,206.4 billion and nominal GDP was $14,028.7
billion, calculate the percentage change from 2006
to 2007 in nominal GDP, real GDP, and the price
level. What is the value of the GDP deflator in
2007?

1. Drawing on current business publications and
using the opening case of the chapter as a guide,
discuss how the slow economic recovery in 2011
and 2012 has affected the current strategies of
firms other than those mentioned in the case? (From book Economics for Managers, 3rd edition by Paul Famham)

Explanation / Answer

7. Adding to Table 11.1, if in 2007 real GDP was $13,206.4 billion and nominal G

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