Using data from the table below, answer the following question.

	Quantities Produced		Prices
	Oranges	DVDs	Price per orange	Price per DVD
2011	200	50	$0.30	$20
2012	220	55	$0.35	$22

1. Calculate the real GDP in 2011 using the 2011 price as the base year.

2. Calculate the nominal GDP in 2012.

3. Calculate the real GDP in 2012 using the 2011 price as the base year.

4. Calculate the GDP deflator in 2012 using 2011 as the base year. (Answer to the first decimal place.)

5. Calculate the inflation rate from 2011 to 2012, using the GDP deflator. (Answer to the first decimal place.)

6. Calculate the Consumer Price Index (CPI) for 2011. Assume 2011 is a base year.

7. Calculate the Consumer Price Index (CPI) for 2012. Assume 2011 is a base year. (Answer to the first decimal place.)

8. Calculate the inflation rate from 2011 to 2012, using the CPI. (Answer to the first decimal place.)

Answer rating: 100% (QA)

NOTES organcos DVDS 2011 quantity Price 200 030 50 20 ... View the full answer