5) (KEY QUESTION) Consider the following data assuming that these are the only products produced and consumed in the economy: Product 2019 Quantity 2019 Price ($) 2020 Quantity 2020 Price ($) Beer 14 18 16 13 Chocolate 15 11 17 12 Using 2020 as the base year answer the following questions: a. What was the nominal GDP in 2019 and 2020? b. What was the real GDP in 2019 and 2020? c. What was the GDP deflator in 2019 and 2020? d. What was the growth rate of nominal GDP between 2019 and 2020? What was the growth rate of real GDP between 2019 and 2020? What was the growth rate of the GDP deflator between 2019 and 2020? e. Calculate the value of the basket in 2019 and 2020. f. Calculate the CPI for 2019 and 2020. g. Calculate the annual inflation rate over the 2019-2020 period. h. (This part is OPTIONAL in case you want more practice, this type of question is usually on the final exam :-) Change your base year from 2020 to 2019. Re-do your answers to parts a, b, and c.
5) (KEY QUESTION) Consider the following data assuming that these are the only products produced and consumed
in the economy:
Product 2019 Quantity 2019 Price ($) 2020 Quantity 2020 Price ($)
Beer 14 18 16 13
Chocolate 15 11 17 12
Using 2020 as the base year answer the following questions:
a. What was the nominal
b. What was the real GDP in 2019 and 2020?
c. What was the GDP deflator in 2019 and 2020?
d. What was the growth rate of nominal GDP between 2019 and 2020? What was the growth rate of real
GDP between 2019 and 2020? What was the growth rate of the GDP deflator between 2019 and 2020?
e. Calculate the value of the basket in 2019 and 2020.
f. Calculate the
g. Calculate the annual inflation rate over the 2019-2020 period.
h. (This part is OPTIONAL in case you want more practice, this type of question is usually on the
final exam :-) Change your base year from 2020 to 2019. Re-do your answers to parts a, b, and c.
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