Product 2020 Quantity 2020 Price ($) 2021 Quantity 2021 Price ($) Beer 14 18 16 13 Chocolate 15 11 17 12 sing 2021 as the base year answer the following questions: What was the nominal GDP in 2020 and 2021? What was the real GDP in 2020 and 2021? What was the GDP deflator in 2020 and 2021? What was the growth rate of nominal GDP between 2020 and 2021? What was the growth rate of real GDP between 2020 and 2021? What was the growth rate of the GDP deflator etween 2020 and 2021? Calculate the value of the basket in 2020 and 2021. (Hint: treat 2021 quantities as the basket for the CPI) Calculate the CPI for 2020 and 2021. Calculate the annual inflation rate over the 2020-2021 period.
Product 2020 Quantity 2020 Price ($) 2021 Quantity 2021 Price ($) Beer 14 18 16 13 Chocolate 15 11 17 12 sing 2021 as the base year answer the following questions: What was the nominal GDP in 2020 and 2021? What was the real GDP in 2020 and 2021? What was the GDP deflator in 2020 and 2021? What was the growth rate of nominal GDP between 2020 and 2021? What was the growth rate of real GDP between 2020 and 2021? What was the growth rate of the GDP deflator etween 2020 and 2021? Calculate the value of the basket in 2020 and 2021. (Hint: treat 2021 quantities as the basket for the CPI) Calculate the CPI for 2020 and 2021. Calculate the annual inflation rate over the 2020-2021 period.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 6PA
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