Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 17 Feb 2018 My Price 9.00

GDP deflator

Consider the economy described in Problem 4.

a. Use the prices for 2005 as the set of common prices to compute real GDP in 2005 and in 2006. Compute the GDP deflator for 2005 and for 2006 and compute the rate of inflation from 2005 to 2006. b. Use the prices for 2006 as the set of common prices to compute real GDP in 2005 and in 2006. Compute the GDP deflator for 2005 and for 2006 and compute the rate of inflation from 2005 to 2006. c. Why are the two rates of inflation different? Which one is correct? Explain your answer.

Problem 4

An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2005 and 2006 are as follows:

a. What is nominal GDP in 2005 and in 2006? By what percentage does nominal GDP change from 2005 to 2006?

b. Using the prices for 2005 as the set of common prices, what is real GDP in 2005 and in 2006? By what percentage does real GDP change from 2005 to 2006?

c. Using the prices for 2006 as the set of common prices, what is real GDP in 2005 and in 2006? By what percentage does real GDP change from 2005 to 2006?

d. Why are the two output growth rates constructed in (b) and (c) different? Which one is correct? Explain your answer.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Feb 2018 09:02 PM My Price 9.00

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