Homework Answers
Answer : Option B is correct. When economics talk about the economic growth of the country then it means that they are talking about the change in the real GDP it means that remain constant and the quantity change has been taken into account.
Answer 11: Option C is correct. As significant share of GDP is not included in the in the governments that's because all the economic activities are not reported to the government so there is gap between the actual GDP and statistical information.
Answer 12 : Option B is correct.
CPI of year 1 = ( Price of goods in year 1/ Price of goods in base year)*100= ( 750/625)*100= 120
Answer 13 : Option C is correct.
GDP Deflator = ( Nominal GDP/Real GDP)*100=( 850/735)*100= 116
Answer 14 : In this base year CPI = 100
than CPI in year 1= 119
Inflation rate = ((119-100)/100)*100= 19%
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