The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020 (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year (c) Calculate the GDP deflator for 2019 and 2020 (d) Using the GDP deflator, calculate the inflation rate in 2020.

The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020 (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year (c) Calculate the GDP deflator for 2019 and 2020 (d) Using the GDP deflator, calculate the inflation rate in 2020.

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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subject: macroeconomics

The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans:
Tofu
Quinoa
Year
Price
Quantity
Price
Quantity
2018
$8
300
$3
2000
2019
$9
400
$4
2500
2020
$10
500
$5
3000
(a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020
(b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year
(c) Calculate the GDP deflator for 2019 and 2020
(d) Using the GDP deflator, calculate the inflation rate in 2020.

Branch of economics that analyzes the behavior and performance of an economy as a whole. It focuses on the study of aggregates and evaluates changes related to unemployment, gross domestic product, inflation, monetary and fiscal policies of the government.

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