Make the following calculations according to the table below. a. b. If you need, 2017 ● 2018 2019 2020 2021 Quantitiy Price Quantitiy Price Quantitiy Price Quantitiy Price Quantitiy Price Good A 6 2 4 M 10 3 6 5 8 4 Good B 2 5 8 4 6 4 6 8 2 6 Calculate nominal GDP, real GDP and GDP growing rates for all years. Calculate the inflation using the GDP deflator and Consumer Price Index(CPI) methods. Explain briefly, why inflation rates are different in these two calculations method. Good C 8 1 10 3 4 2 10 20 8 3 use the year 2017 as the base year, the bundle consists of 3 Good A, 2 Good B and 4 Good C
Make the following calculations according to the table below. a. b. If you need, 2017 ● 2018 2019 2020 2021 Quantitiy Price Quantitiy Price Quantitiy Price Quantitiy Price Quantitiy Price Good A 6 2 4 M 10 3 6 5 8 4 Good B 2 5 8 4 6 4 6 8 2 6 Calculate nominal GDP, real GDP and GDP growing rates for all years. Calculate the inflation using the GDP deflator and Consumer Price Index(CPI) methods. Explain briefly, why inflation rates are different in these two calculations method. Good C 8 1 10 3 4 2 10 20 8 3 use the year 2017 as the base year, the bundle consists of 3 Good A, 2 Good B and 4 Good C
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Step 1: Gross domestic product:
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VIEWStep 5: Nominal GDP, real GDP and GDP growth rate for 2020:
VIEWStep 6: Nominal GDP, real GDP and GDP growth rate for 2021:
VIEWStep 7: Inflation in 2017:
VIEWStep 8: Inflation in 2018:
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VIEWStep 10: Inflation in 2020 and 2021:
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