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Macroeconomics homework assignment 5

# Macroeconomics homework assignment 5 - PRINCIPLES OF...

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Unformatted text preview: ECON 21 13 PRINCIPLES OF MACROECONOMICS HOMEWORK ASSIGNMENT Name 1. Given the following information, provide the information requested below. SHOW YOUR CALCULATIONS! Year Commodity Basket Price 1 gee. 31) Nominal GDP 1980 \$10,000 \$1.50 trillion/year 1994 \$30,000 \$4.20 trillion/year 1995 \$31,500 \$5.04 trillion/year A. Using 1980 as the base year, calculate the price indices for each of the three years. it! P1980: {\ng his \Ob: lOO _ 3 30pm) _ P1994— AM 5k \OO~ 5300 3w yam: \$5 \O,OoO P1995 = B. The inﬂation rate between Dec.31, 1994 and Dec. 31, 1995 (or during 1995) is: : (9590 " Pbeﬂm >/\{r WOO : ii 50° 'SOJLQ) >000: 6% , O O P beam 3 ’ 0° C. Calculate the real (constant dollar) GDP for each of the three years. Q“: CJDP 'W 3 MSM Q1930: i Q : MAO ‘5 1994 : \oLiOL. 3 Q1995=1§i£9i : 3\i0+. ...
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