Consider the following data on Prices and Quantities of T-Shirts and Pajamas.  1. What was the growth rate of nominal GDP between 2016 and 2017?  2 Was the growth rate of real GDP higher or lower than the growth rate of nominal GDP? Explain. 3. Using 2015 as the base year, calculate the CPI for each year.   (i). Calculate the inflation rate for 2015, 2016 and 2017.

Income in year 1 : 50,000 income in year 2: 60,000 CPI in year 1 = 100 CPI in year 2 =110 what is the percentage increase in nominal income?

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What information is given by the CPI?   The CPI tells us _______.     A. the price level in a given period expressed as a percentage of the price level in the base period, which equals zero   B. the price level in a given period expressed as a percentage of the price level in the base period, which equals 100   C. the inflation rate in a given period compared to the inflation rate in the base period, which equals 100   D. the inflation rate in a given period compared to the inflation rate in the base period, which equals zero

Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per pencil) 2016 2 2017 4 2018 2 Year 2016 2017 2018 Pencils Use the information from the preceding table to fill in the following table. From 2017 to 2018, nominal GDP Quantity (Number of pencils) 125 135 125 The inflation rate in 2018 was Nominal GDP Real GDP (Dollars) (Base year 2016, dollars) GDP Deflator Price (Dollars per envelope) 3 3 3 and real GDP Envelopes Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of envelopes) 155 O Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 210 165