Consider the following table fromSource: 5220.0 Australian NationalAccounts: State Accounts, Table 7 -Tasmania, that gives nominal GSP(current prices) and real GSP (chainvolume) for Tasmania.Tas GSP Tas GSP(Current (ChainVolume)28931Prices)Jun-201730019Jun-201830263 30975Jun-201931993 31993Jun-202032904 32102a. Calculate the implicit GSP price deflator. Feel freeto use MS Excel.6. Calculate the growth rate in Nominal GSP, RealGSP and the price deflator.c. What do you notice about the sum of the Real GSPand price deflator growth rates?

Nominal GDP at current prices means inclusion of fluctuation of market prices during current year…

a. Calculate the implicit GSP price deflator. Feel free to use MS Excel. p. Calculate the growth rate in Nominal GSP, Real GSP and the price deflator. c. What do you notice about the sum of the Real GSP and price deflator growth rates?

a. Calculate the implicit GSP price deflator. Feel free to use MS Excel. p. Calculate the growth rate in Nominal GSP, Real GSP and the price deflator. c. What do you notice about the sum of the Real GSP and price deflator growth rates?

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

Consider the following table from
Source: 5220.0 Australian National
Accounts: State Accounts, Table 7 -
Tasmania, that gives nominal GSP
(current prices) and real GSP (chain
volume) for Tasmania.
Tas GSP Tas GSP
(Current (Chain
Volume)
28931
Prices)
Jun-2017
30019
Jun-2018
30263 30975
Jun-2019
31993 31993
Jun-2020
32904 32102
a. Calculate the implicit GSP price deflator. Feel free
to use MS Excel.
6. Calculate the growth rate in Nominal GSP, Real
GSP and the price deflator.
c. What do you notice about the sum of the Real GSP
and price deflator growth rates?

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