assignment 1 - 2007 and 2009 are shown in the following...

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EC 205 MACROECONOMICS Fall 2009 Prof. C. Emre Alper Truth is the most valuable thing we have -- so let us economize it. Mark Twain ASSIGNMENT ONE (Do by October 12) 1. A nation’s GDP in market prices was TL 100 billion in 1999 and TL 270 billion in 2009. The GDP deflator rose from 100 in 1999 to 180 in 2009. From 1999 to 2009, calculate A. The rate of Inflation B. The growth rate of the nominal GDP C. The growth rate of the real GDP 2. In a simple economy, only three goods are produced. The relevant price and quantity data for
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Unformatted text preview: 2007 and 2009 are shown in the following table: Price Quantity 2007 2009 2007 2009 Cheese 0.75 1.25 100 140 Bread 1.50 2.25 300 280 Onion 2.00 3.00 200 180 A. Calculate the nominal GDP of 2009 B. Calculate the real GDP of 2009 using 2007 as the base year C. Calculate the values of the GDP deflator in 2007 and 2009. 3. Do problems 2, 3 and 7, pages 40-41....
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