Hello, I sent this assignment a couple days ago and it was rejected as being too complex, but I was wondering if at least one of each was demonstrated with the formula so I could do the others on my own.
Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If you want remaining sub-parts to be solved, then please resubmit the whole question and specify those sub-parts you want us to solve.
Gn is the growth rate of nominal GDP over a decade
Rn is the growth rate in real GDP over a decade
GD is the GDP Deflator
Nx is the nominal GDP in present year
Nx-1 is the nominal GDP in the previous year
Rx is the real GDP in present year
Rx-1 is the real GDP in previous year
GD = (712/2997.9) *100
We cannot calculate Gn and Rn for year 1960 because we don’t have values for previous year.
Gn = ((1105 - 712) / 712)*100
Rn = ((3805.1 – 2997.9) / 2997.9) *100
GD = (1105/3805.1)*100
The values for Gn, Rn, and GD can be calculated in similar manner for rest of the years.
For 1970 the GDP Deflator is 29.03% or 0.29. Then the salary in real terms is 0.29*2000 which is 580 that is less than his nominal salary.
GDP Deflator in 2010 is:
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