For this hypothetical economy below (please note that all prices for 2012 have been normalized to 100): Prices (base year 2012 = 100.0; normalized) Volume (units) Final good/service Time = 2015 Time =2016 Time = 2017 Time=2012 Time = 2015 Time =2016 Time = 2017 Groceries 125.0 131.3 133.9 92 100 105 110 Housing 155.0 165.9 165.9 46 50 55 60 155.0 132.5 46 50 90 Transport Medical care 147.3 75 250.0 287.5 316.3 92 100 95 95 a) Calculate nominal GDP (NGDP) and real GDP (RGDP) for 2015, 2016 and 2017 using data in the above table. Note that the base year is 2012. b) What are the annualized (yearly) growth rates of NGDP and RGDP in each year (2015, 2016 and 2017)? c) Calculate GDP deflator for 2015, 2016 and 2016. What is the annualized (yearly) rate of inflation in each year (2015, 2016 and 2017) using the GDP deflator?

For this hypothetical economy below (please note that all prices for 2012 have been normalized to 100): Prices (base year 2012 = 100.0; normalized) Volume (units) Final good/service Time = 2015 Time =2016 Time = 2017 Time=2012 Time = 2015 Time =2016 Time = 2017 Groceries 125.0 131.3 133.9 92 100 105 110 Housing 155.0 165.9 165.9 46 50 55 60 155.0 132.5 46 50 90 Transport Medical care 147.3 75 250.0 287.5 316.3 92 100 95 95 a) Calculate nominal GDP (NGDP) and real GDP (RGDP) for 2015, 2016 and 2017 using data in the above table. Note that the base year is 2012. b) What are the annualized (yearly) growth rates of NGDP and RGDP in each year (2015, 2016 and 2017)? c) Calculate GDP deflator for 2015, 2016 and 2016. What is the annualized (yearly) rate of inflation in each year (2015, 2016 and 2017) using the GDP deflator?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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