Determine the growth rate of real gdp

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Reference no: EM1367458

1) Suppose last year's real GDP was \$7,000 billion, this years nominal GDP is \$8,820 billion, and GDP-deflator for this year is 120. Determine the growth rate of real GDP?

2) Calculate the values for government purchases (G), private domestic saving (S), and private domestic investment (I) from the following information (all variables are in billions of dollars).
national income Y = 5,200 budget deficit BuD = 150
disposable income YD = 4,400 trade deficit TD = 110
consumption C = 4,100

3) "Under a fixed exchange rate system, expansionary monetary policy depletes foreign reserves at the central bank." Comment on this statement with the help of an IS-LM diagram.

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