# economics

year nominal GDP GDP deflator
(billions) (based year 1992)
1993 725 101.2
1994 762 102.4

4.a) The growth rate of nominal income between 1993 and 1994 is 5.10%
(725-762)/725*100=5.10%
b) The growth rate of the GDP deflator between 1993 and 1994 is 1.17%
(101.2-102.4)/102.4*100=1.17%

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