Question
In: Economics
Given the following Hypothetical Example and the base year is 2017, answer the questions that follow...
Given the following Hypothetical Example and the base year is 2017, answer the questions that follow
|
Given the following Hypothetical Example and the base year is 2017, answer the questions that follow
|
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- Calculate the nominal GDP in the three years
- Calculate the real GDP in the three years.
- Calculate the GDP deflator in the three years
- Calculate the real GDP growth between 2018 and 2019
- Calculate the rate of inflation in 2019
Solutions
Expert Solution
The whole table has been filled below (everything can be answered from the table). Explanation follows. A formula view is given for better understanding-
Formula view-
THe nominal GDP is nothing but price*quantity of all products (X,Y and Z) for that year.
Real GDP is price in base year*quantity of all products for that year.
GDP deflator is given by (Nominal GDP/Real GDP)*100
Real GDP growth is (Current year real GDP/previous year real GDP)-1
Inflation is GDP deflator-100
Rahul Sunny answered 1 year agoRelated Solutions
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