Homework Answers
1.
Growth rate in GDP deflator = Deflator in 2019 / Deflator in 2018 - 1 * 100
= 108.68 / 100 - 1 * 100 = 8.68 %
2018
GDP deflator = Nominal GDP / Real GDP * 100
= 54 / 54 * 100 = 100
Nominal GDP = Q of A * Price of A + Q of B * Price of B + Q of C * Price of C
= 10 * 1 + 20 * 1 + 8 * 3
= 54
Real GDP = same as nominal GDP (base year) = 54
2019
GDP deflator = Nominal GDP / Real GDP * 100
= 57.6 / 53 * 100 = 108.68
Nominal GDP = Q of A * Price of A + Q of B * Price of B + Q of C * Price of C
= 11 * 1.1 + 21 * 1 + 7 * 3.5
= 57.6
Real GDP = Q of A * Price of A in 2018 + Q of B * Price of B in 2018 + Q of C * Price of C in 2018
= 11 * 1 + 21 * 1 + 7 * 3
= 53
2.
Growth rate in REal GDP = Real GDP in 2019 / REal GDP in 2018 - 1 * 100
= 53 / 54 - 1 * 100 = - 1.85 %
3.
Growth rate in Nominal GDP = Nominal GDP in 2019 / Nominal GDP in 2018 - 1 * 100
= 57.6 / 54 - 1 * 100
= 6.66 %
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