- Consider the following data assuming that these are the only products produced and consumed in the economy:
Using 2018 as the base year answer the following questions:
- What was the nominal GDP in 2017 and 2018?
- What was the real GDP in 2017 and 2018?
- What was the GDP deflator in 2017 and 2018?
- What was the growth rate of nominal GDP between 2017 and 2018? What was the growth rate of real GDP between 2017 and 2018? What was the growth rate of the GDP deflator between 2017 and 2018?
- Calculate the value of the basket in 2017 and 2018.
- Calculate the CPI for 2017 and 2018.
- Calculate the annual inflation rate over the 2017-2018 period. Change your base year from 2018 to 2017. Re-do your answers to parts a, b, and c.
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