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- Year 1 2 3 Nominal GDP 4531 4664 Use the information above, calculate X. GDP Deflator 113 Real GDP 4558 GDP Deflator Inflation: Rate (%) 5 0 XYear CPI Year CPI 1989 124.0 2003 184.0 1990 130.7 2004 188.9 1991 136.2 2005 195.3 1992 140.3 2006 201.6 1993 144.5 2007 207.3 1994 148.2 2008 215.3 1995 152.4 2009 214.5 1996 156.9 2010 218.1 1997 160.5 2011 224.9 1998 163.0 2012 229.6 1999 166.6 2013 233.0 2000 172.2 2014 236.7 2001 177.1 2015 237.0 2002 179.7 2016 240.0Now you see what the BLS economist do, except with a more complex basket of goods. Now try to construct an index and determine the inflation rate on your own. The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? (5 points) Items Qty. 2001 2002 2003 2004 Price Amount Spent Price Amount Spent Price Amount Spent Price Amount Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries 1 $2.00 1.9 2.05 2.13 $2.13 Total Construct the price index for a “fruit basket” in each year using 2003 as the base year. (5 points) Compute the inflation rate…
- © Macmillan Learning Refer to the hypothetical data in the table to answer the three questions. What was the real interest rate in 2017? -4 Incorrect What was the inflation rate in 2018? -6 Incorrect What was the nominal interest rate in 2019? 4 Incorrect % % Year Nominal interest rate Real interest rate Inflation rate 2017 7% 5% 2018 9% 2019 9% 7% 3%YEAR 2019 2018 2017 2016 CPI 213.8 212.2 202.6 200.2 Use the table to Calculate the inflation rate for the year 2018. Does the inflation rate you calculated above fall into the South Africainflation target? please helpExplain the two ways to check inflation whi h is (Inflation rate & Price indices)
- Consider the following data on Prices and Quantities of orangesand VCRs. From a. – k Calculate the inflation rate for 1998k. Calculate the inflation rate for 1999 Answer using the imageFrom the following information: Calculate Consumer Price Index Calculate Inflation Rate Basket contains 5 books and 15 pens Year Price of book (OR) Price of pen (OR) 2015 1 0.500 2016 1.500 0.560 2017 1.700 0.700 2018 2 0.900The table below represents the goods that are produced by Siri bread and water are used by the citizens of the city half of all plows are used by the city Council while the rest are used by citizens metal is used to produce plows and Nothing More when necessary use 2013 as the base year the typical consumer buys 10 bread 100 water and two plows.a. Calculate the inflation fir all adjacent years