Years 2011 2013 42,511 48,722 49,392 46,285 103.2 2012 2014 Nominal GDP Consumer Price Index (base year= 2011) 100 Consumer Price Index (base year= 2012) 96.9 106 109.1 100 102.8 105.7 Table1. Kuwait's nominal GDP and Consumer Price Indices. GDP is in Milion Dinars. Source: Central Bank of Kuwait.
Years 2011 2013 42,511 48,722 49,392 46,285 103.2 2012 2014 Nominal GDP Consumer Price Index (base year= 2011) 100 Consumer Price Index (base year= 2012) 96.9 106 109.1 100 102.8 105.7 Table1. Kuwait's nominal GDP and Consumer Price Indices. GDP is in Milion Dinars. Source: Central Bank of Kuwait.
Economics: Private and Public Choice (MindTap Course List)
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Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 8CQ
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![Years
2011
2012
2013
2014
42,511 48,722 49,392 46,285
109.1
Nominal GDP
Consumer Price Index (base year= 2011) 100
Consumer Price Index (base year= 2012) 96.9
103.2
106
100
102.8
105.7
Tabiel. Kuwait's nominal GDP and Consumer Price Indices. GDP is in Million Dinars.
Source: Central Bank of Kuwait.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b80b4a4-e0d3-4cc7-9516-1d683ec41bf8%2Fa359ea0b-8562-4bd3-992a-4abcfdf55a84%2F2r79urj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Years
2011
2012
2013
2014
42,511 48,722 49,392 46,285
109.1
Nominal GDP
Consumer Price Index (base year= 2011) 100
Consumer Price Index (base year= 2012) 96.9
103.2
106
100
102.8
105.7
Tabiel. Kuwait's nominal GDP and Consumer Price Indices. GDP is in Million Dinars.
Source: Central Bank of Kuwait.
![2) Table 1 reports two measures of CPI. One uses 2011 as the base year, and the other uses 2012.
a. Use the CPI with 2011 as the base year to calculate real GDP and the year-over-year real
GDP growth rate for 2012, 2013, and 2014. [show your calculations]
b. Use the CPI with 2012 as the base year to calculate real GDP and year-over-year real
GDP growth rate for 2012, 2013, and 2014. [show your calculations]
c. Use the geometric average method
to calculate the
chain-weighted real GDP growth rate for 2012. [show your calculations]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b80b4a4-e0d3-4cc7-9516-1d683ec41bf8%2Fa359ea0b-8562-4bd3-992a-4abcfdf55a84%2F14u395mh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2) Table 1 reports two measures of CPI. One uses 2011 as the base year, and the other uses 2012.
a. Use the CPI with 2011 as the base year to calculate real GDP and the year-over-year real
GDP growth rate for 2012, 2013, and 2014. [show your calculations]
b. Use the CPI with 2012 as the base year to calculate real GDP and year-over-year real
GDP growth rate for 2012, 2013, and 2014. [show your calculations]
c. Use the geometric average method
to calculate the
chain-weighted real GDP growth rate for 2012. [show your calculations]
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