Principles of Macroeconomics - Principles of Macroeconomics Spring 2016 Assignment 1 Maria Averianova Due Date Task 1 The information in the table gives

Principles of Macroeconomics - Principles of Macroeconomics...

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Principles of Macroeconomics Spring 2016 Assignment # 1 Maria Averianova Due Date: February 23, 2016 Task 1The information in the table gives the price level and nominal GDP values for tenyears. Use this information to answer the questions below.YearPrice LevelYear to YearInflation Rate(%)Nominal GDP($ billions incurrent yearprices)Real GDP ($billions in 1976prices)19761001981981977106.46.4218204.91978112.65.8242214.91979123.910.0276222.81980137.210.7310225.91981152.110.9356234.11982165.28.6374226.41983173.55.0406234.01984178.93.1445248.71985183.52.6478260.5a.Fill in the table above.b.Explain the difference between inflation, deflation and disinflation. c.Did this economy experience a recession based on the time path either ofnominal or real GDP?
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Task 2Consider the following table of informationa.Calculate GDP via expenditure approach. b.Calculate GDP via income approach.
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