Consider the fóllowing data. Assuming these are the only products produced and consumed in the economy: Product 2020 Quantity 2020 Price ($) 2021 Quantity 2021 Price ($) Вer 14 18 16 13 Chocolate 15 11 17 12 Using 2021 as the base year answer the following questions: a. What was the nominal GDP in 2020 and 2021? b. What was the real GDP in 2020 and 2021? C. What was the GDP deflator in 2020 and 2021? d. What was the growth rate of nominal GDP between 2020 and 2021? What was the growth rate of real GDP between 2020 and 2021? What was the growth rate of the GDP deflator between 2020 and 2021? е. Calculate the value of the basket in 2020 and 2021. (Hint: treat 2021 quantities as the basket for the CPI) f. Calçulate the CPI for 2020 and 2021. g. Calculate the annual inflation rate over the 2020-2021 period.

Consider the fóllowing data. Assuming these are the only products produced and consumed in the economy: Product 2020 Quantity 2020 Price ($) 2021 Quantity 2021 Price ($) Вer 14 18 16 13 Chocolate 15 11 17 12 Using 2021 as the base year answer the following questions: a. What was the nominal GDP in 2020 and 2021? b. What was the real GDP in 2020 and 2021? C. What was the GDP deflator in 2020 and 2021? d. What was the growth rate of nominal GDP between 2020 and 2021? What was the growth rate of real GDP between 2020 and 2021? What was the growth rate of the GDP deflator between 2020 and 2021? е. Calculate the value of the basket in 2020 and 2021. (Hint: treat 2021 quantities as the basket for the CPI) f. Calçulate the CPI for 2020 and 2021. g. Calculate the annual inflation rate over the 2020-2021 period.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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