Suppose a country has the following GDP statistics in 2024:N…
Suppose a country has the following GDP statistics in 2024:Nominal GDP: $100 billionReal GDP: $80 billionReal GDP per capita: $50,000Then, in 2025, they had the following GDP statistics:Nominal GDP: $110 billionReal GDP: $80 billionReal GDP per capita: $45,000Use what you’ve learned about GDP statistics to assess the country’s economic performance over the year. Specifically: did they experience economic growth? Did the economy experience inflation? Are living standards higher or lower?