8.Using 2014 as the base year, what is the Real GDP in 2014?9.Using 2014 as the base year, what is the Real GDP in 2015?10. Using 2014 as the base year, what is the Real GDP in 2016?11. Using 2014 as the base year, what is the GDP Deflator in 2014?12. Using 2014 as the base year, what is the GDP Deflator in 2015?13. Using 2014 as the base year, what is the GDP Deflator in 2016?14. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know asinflation rate) between 2014 to 2015?15. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know asinflation rate) between 2015 to 2016? Data for 2014Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes0.720010270Data for 2015Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes0.915014250Data for 2016Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes1.430015330

In an economy, real GDP refer to the actual output generated within a specific time period whose…

Dâtă för Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.7 200 10 270 Data for 2015 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.9 150 14 250 Data for 2016 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 1.4 300 15 330

Dâtă för Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.7 200 10 270 Data for 2015 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.9 150 14 250 Data for 2016 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 1.4 300 15 330

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Measuring The Cost Of Living

Section: Chapter Questions

Problem 2PA

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Question

8.
Using 2014 as the base year, what is the Real GDP in 2014?
9.
Using 2014 as the base year, what is the Real GDP in 2015?
10. Using 2014 as the base year, what is the Real GDP in 2016?
11. Using 2014 as the base year, what is the GDP Deflator in 2014?
12. Using 2014 as the base year, what is the GDP Deflator in 2015?
13. Using 2014 as the base year, what is the GDP Deflator in 2016?
14. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know as
inflation rate) between 2014 to 2015?
15. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know as
inflation rate) between 2015 to 2016?

Data for 2014
Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes
0.7
200
10
270
Data for 2015
Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes
0.9
150
14
250
Data for 2016
Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes
1.4
300
15
330

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