Homework Answers
GDP deflator= Nominal GDP/Real GDP
GDP deflator includes all those goods and services that produced within the economy.
CPI= Value of consumer basket at current price / Value of consumer basket at base price
CPI will include only the consumer goods and not the industrial goods.
a)
The rise is price of Agha juice will be included in both CPI and GDP deflator.
As rise in price cause nominal GDP to rise which also means GDP deflator also rises.
In CPI, the value of market basket at current prices will increase so CPI will also rises.
b)
Tractor is an industrial good so it will not be included in CPI. so this will belongs to GDP deflator.
Rise in price of tractor cause nominal GDP to rise which cause GDP deflator to rise as well.
c)
Jeans are produced in Italy so it will not be included in the GDP. So this will belongs to CPI.
In CPI, the value of market basket at current prices will increase so CPI will also rises.
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