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5. Calculate real GDP, nominal GDP, the GDP deflator, the growth rate of RGDP, and the inflation rate. Assume year 1 is the base year. Quantity Price Year 1 Quantity NGDP NGDP | RGDP RGDE Year 2 Year 1 Good Price Year 1 Year 2 Year 2 Year 1 Year $0.40 11 $0.50 $0.30 $0.70 A 6. B 7 $1.00 4 10 $0.90 12 GDP Growth rate of NGDP? Growth rate of RGDP? GDP deflator year 1? GDP deflator year 2? What was the inflation rate between the two years?

5. Calculate real GDP, nominal GDP, the GDP deflator, the growth rate of RGDP, and the inflation rate. Assume year 1 is the base year. Quantity Price Year 1 Quantity NGDP NGDP | RGDP RGDE Year 2 Year 1 Good Price Year 1 Year 2 Year 2 Year 1 Year $0.40 11 $0.50 $0.30 $0.70 A 6. B 7 $1.00 4 10 $0.90 12 GDP Growth rate of NGDP? Growth rate of RGDP? GDP deflator year 1? GDP deflator year 2? What was the inflation rate between the two years?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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5. Calculate real GDP, nominal GDP, the GDP deflator, the growth rate of RGDP, and the inflation rate. Assume year 1 is the base year. Quantity Price Year 1 Quantity NGDP NGDP | RGDP RGDE Year 2 Year 1 Good Price Year 1 Year 2 Year 2 Year 1 Year $0.40 11 $0.50 $0.30 $0.70 A 6. B 7 $1.00 4 10 $0.90 12 GDP Growth rate of NGDP? Growth rate of RGDP? GDP deflator year 1? GDP deflator year 2? What was the inflation rate between the two years?
Transcribed Image Text:5. Calculate real GDP, nominal GDP, the GDP deflator, the growth rate of RGDP, and the inflation rate. Assume year 1 is the base year. Quantity Price Year 1 Quantity NGDP NGDP | RGDP RGDE Year 2 Year 1 Good Price Year 1 Year 2 Year 2 Year 1 Year $0.40 11 $0.50 $0.30 $0.70 A 6. B 7 $1.00 4 10 $0.90 12 GDP Growth rate of NGDP? Growth rate of RGDP? GDP deflator year 1? GDP deflator year 2? What was the inflation rate between the two years?
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