Problems for review - 6 Using 2006 as the base year what is...

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Problems for review. Use table below to answer questions 1 to 8 Year Nominal GDP (in millions) GDP Deflator Population (in millions) 2004 38000 100 120 2005 43000 106 122 2006 50000 112 125 1. Compute GDP in 2004 prices 2. Compute real GDP per capita 3. Compute real GDP per capita growth rates for 2005 and 2006 4. Using 2005 as the base year, what is the GDP deflator for 2006? 5. Using 2005 as the base year, what is the inflation rate for 2006?
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Unformatted text preview: 6. Using 2006 as the base year, what is the inflation rate for 2006? 7. What is the inflation rate for 2006 if the base year is 2004? 8. What is the real GDP per capita growth rate between 2004 and 2006? 9. What is price level if V=3, Y = 4000, and M = 2000? 10. What is the price level if the FED increases M by 10%? What is the inflation rate?...
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