(b) The table below shows GDP at current prices (money GDP) and an appropriate price index (the implicit price deflator) for a group of selected years. Compute GDP at constant 2014-15 prices (real GDP). Also calculate real GDP growth. GDP at current prices Implicit price deflator GDP at constant 2014-15 prices Economic Growth Year ($ million) (2014-15 = 100) Calculation ($ million) 2013-14 783514 97.2 2014–15 838011 100 2015-16 892999 104.1 2016-17 967721 108.4 2017-18 984450 110.1
(b) The table below shows GDP at current prices (money GDP) and an appropriate price index (the implicit price deflator) for a group of selected years. Compute GDP at constant 2014-15 prices (real GDP). Also calculate real GDP growth. GDP at current prices Implicit price deflator GDP at constant 2014-15 prices Economic Growth Year ($ million) (2014-15 = 100) Calculation ($ million) 2013-14 783514 97.2 2014–15 838011 100 2015-16 892999 104.1 2016-17 967721 108.4 2017-18 984450 110.1
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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Question
(b) The table below shows
|
GDP at current prices |
Implicit price deflator |
|
GDP at constant 2014-15 prices |
|
Year |
($ million) |
(2014-15 = 100) |
Calculation |
($ million) |
|
|
|
|
|
|
|
2013-14 |
783514 |
97.2 |
|
|
|
2014–15 |
838011 |
100 |
|
|
|
2015-16 |
892999 |
104.1 |
|
|
|
2016-17 |
967721 |
108.4 |
|
|
|
2017-18 |
984450 |
110.1 |
|
|
|
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