The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020. (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year. (c) Calculate the GDP deflator for 2019 and 2020. (d) Using the GDP deflator, calculate the inflation rate in 2020.
The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020. (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year. (c) Calculate the GDP deflator for 2019 and 2020. (d) Using the GDP deflator, calculate the inflation rate in 2020.
Chapter20: Economic Growth In The Global Economy
Section: Chapter Questions
Problem 2P
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