Answered: A country's real GDP rose from 500 to…

A country's real GDP rose from 500 to 550 while its nominal GDP rose from 600 to 770. What was this country's inflation rate? a. 16.7% b. 20% C. -14.3% d. -20%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A country's real GDP rose from 500 to 550 while its nominal GDP rose from 600 to 770. What was this
country's inflation rate?
a.
16.7%
b.
20%
C.
-14.3%
d.
-20%

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