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  • Macro Nhóm-7

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    Linh Doan
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    The document shows nominal and real GDP values for 2022 and 2023. Real GDP grew from $104 billion in 2022 to $121 billion in 2023, a growth rate of 17.1%. However, the GDP deflator increased from 100 to 153.9% between 2022 and 2023, indicating overall price levels rose faster than real economic growth, potentially decreasing standards of living.

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    macro_nhóm-7

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    The document shows nominal and real GDP values for 2022 and 2023. Real GDP grew from $104 billion in 2022 to $121 billion in 2023, a growth rate of 17.1%. However, the GDP deflator increased from 100 to 153.9% between 2022 and 2023, indicating overall price levels rose faster than real economic growth, potentially decreasing standards of living.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    10 views4 pages

    Macro Nhóm-7

    Uploaded by

    Linh Doan
    The document shows nominal and real GDP values for 2022 and 2023. Real GDP grew from $104 billion in 2022 to $121 billion in 2023, a growth rate of 17.1%. However, the GDP deflator increased from 100 to 153.9% between 2022 and 2023, indicating overall price levels rose faster than real economic growth, potentially decreasing standards of living.

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    © All Rights Reserved
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    of 4

    Nominal GDP Real GDP

    2022 (10x40)+(16x40)=104 (10x40)+(16x40)=104


    0 0
    2023 (15x45)+(25x48)=187 (10x45)+(16x48)=121
    5 8
    Macroeconomics
    Ngô Đức Anh, Dương Hoàng An Khanh, Đoàn Ngọc Linh, Trần
    Nam Quân, Nguyễn Chí Hiển
    a.

    1040
    GDP Deflator (2022): 1040 x 100 = 100

    1875
    GDP Deflator (2023): 1218 x 100 = 153.9%

    1218
    Economic Growth Rate: ( 1040 −1) x 100 = 17.1%

    15+ 25
    Overall Price Growth Rate: 10+ 16 x 100 = 153%

    b. True. Economic growth may lead to improvements in the


    standard of living, but when the economic growth rate is
    smaller than the overall price growth rate, the overall price
    growth rate influences more. Because when the overall price
    growth rate rises, inflation raises price and lowering your
    purchasing power. Therefore, it decreases your standard of
    living.

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