Cônsider the following production data for a small economy and answer the below questions. (Note, 2012 is the base year). Price of Gin (per Quantity of Gin litre) $20 $30 Price of Tonic Quantity of Tonic (per litre) $5 $8 2012 1000 2000 2013 1500 2000 2014 $25 2000 $6 2500

Cônsider the following production data for a small economy and answer the below questions. (Note, 2012 is the base year). Price of Gin (per Quantity of Gin litre) $20 $30 Price of Tonic Quantity of Tonic (per litre) $5 $8 2012 1000 2000 2013 1500 2000 2014 $25 2000 $6 2500

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 14SQ

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(c) Calculate the GDP deflator for the years 2013 and 2014.
(d) Calculate the annual inflation rate for the years 2013 and 2014.

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