Question: 1. If nominal GDP increases while real GDP declines in a given period, what does this say about economic growth and inflation? Explain briefly. 2.

1. If nominal GDP increases while real GDP declines in a given period, what does this say about economic growth and inflation? Explain briefly.

2. Given the following data about the economy, calculate GDP (see attachment) :

Category Amount in 58 Prot: 27o Consumption: 700 Investment: 500 Compensation to employees: 1 3 30 Government spending: 300 Savings: 775 Capital Cost: 1 50 Exports: 300 Imports: 25 Rents: 25 Interest: 150

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