week 4 Worksheet Quantity in 2014 Price in 2014 Quantity in 2015 Price in 2015 iPhones 60 200 65 300 200 600 225 600 iPads Kindles 150 120 225 75 Figure 1: Output and prices in a simply economy 1. For this question, refer to figure 1. What is the growth rate of nominal GDP between 2014 and 2015? Using 2014 as your base, calculate the growth rate of Real GDP between 2014 and 2015. 2. For this question, refer to figure 1. Using 2014 as your base year, calculate the GDP deflator in each year. What is the inflation rate in this economy?

week 4 Worksheet Quantity in 2014 Price in 2014 Quantity in 2015 Price in 2015 iPhones 60 200 65 300 200 600 225 600 iPads Kindles 150 120 225 75 Figure 1: Output and prices in a simply economy 1. For this question, refer to figure 1. What is the growth rate of nominal GDP between 2014 and 2015? Using 2014 as your base, calculate the growth rate of Real GDP between 2014 and 2015. 2. For this question, refer to figure 1. Using 2014 as your base year, calculate the GDP deflator in each year. What is the inflation rate in this economy?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Week 4 worksheet
Quantity in 2014 Price in 2014 Quantity in 2015
Price in 2015
iPhones
60
200
65
300
200
600
225
600
iPads
Kindles
150
120
225
75
Figure 1: Output and prices in a simply economy
1. For this question, refer to figure 1. What is the growth rate of nominal GDP between 2014
and 2015? Using 2014 as your base, calculate the growth rate of Real GDP between 2014
and 2015.
2. For this question, refer to figure 1. Using 2014 as your base year, calculate the GDP deflator
in each year. What is the inflation rate in this economy?

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