Please make sure the answer is correct 100% Years201120122013201442,511 48,722 49,392 46,285109.1Nominal GDPConsumer Price Index (base year= 2011) 100Consumer Price Index (base year= 2012) 96.9103.2106100102.8105.7Tabiel. Kuwait's nominal GDP and Consumer Price Indices. GDP is in Million Dinars.Source: Central Bank of Kuwait. Years201120122013201442,511 48,722 49,392 46,285106102.8Nominal GDP109.1105.7Consumer Price Index (base year= 2011 ) 100Consumer Price Index (base year= 2012) 96.9Table1. Kuwait's nominal GDP and Consumer Price Indices. GDP is in Milion Dinars.Source: Central Bank of Kuwait.103.21001) Table 1 shows data on Kuwait's nominal GDP and two Consumer Price Indices (CPI).a. Use table 1 to calculate the year-over-year growth rate of Kuwait's "nominal" GDP forthe years 2012, 2013, and 2014 using the following methods:i. The simple formula growth rate of x= 100. [show your calculations]ii. The natural log method mentioned[show yourcalculations)b. Are there any differences in the results from the two methods? If yes, briefly explainwhy?

The following problem has been solved as follows:

Years 2011 2013 42,511 48,722 49,392 46,285 106 2012 2014 Nominal GDP 109.1 Consumer Price Index (base year= 2011) 100 Consumer Price Index (base year= 2012) 96.9 Table1. Kuwalt's nominal GDP and Consumer Price Indices. GDP is in Milion Dinars. Source: Central Bank of Kuwait. 103.2 100 102.8 105.7 1) Table 1 shows data on Kuwait's nominal GDP and two Consumer Price Indices (CPI). a. Use table 1 to calculate the year-over-year growth rate of Kuwait's "nominal" GDP for the years 2012, 2013, and 2014 using the following methods: 1. The simple formula growth rate of x = 100. [show your calculations) ii. The natural log method mentioned (show your calculations) b. Are there any differences in the results from the two methods? If yes, briefly explain why?

Years 2011 2013 42,511 48,722 49,392 46,285 106 2012 2014 Nominal GDP 109.1 Consumer Price Index (base year= 2011) 100 Consumer Price Index (base year= 2012) 96.9 Table1. Kuwalt's nominal GDP and Consumer Price Indices. GDP is in Milion Dinars. Source: Central Bank of Kuwait. 103.2 100 102.8 105.7 1) Table 1 shows data on Kuwait's nominal GDP and two Consumer Price Indices (CPI). a. Use table 1 to calculate the year-over-year growth rate of Kuwait's "nominal" GDP for the years 2012, 2013, and 2014 using the following methods: 1. The simple formula growth rate of x = 100. [show your calculations) ii. The natural log method mentioned (show your calculations) b. Are there any differences in the results from the two methods? If yes, briefly explain why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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