2015 2016 2017 P P P Onion 1,2 400 2,5 400 1,5 2,5 600 Tomato 1 320 200 4 400 Реpper 4 50 12 50 14 50 1. Assumethat there are only 3 goods produced in the economy. As seen in the table above, price( P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this, a) Calculate nominal GDP for each year. b) Calculate real GDP for each year c) Calculate the growth rate for the years 2016 and 2017. d) Calculate the inflation in 2016 and 2017 by using GDP deflator.

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Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.