Use the data below to answer the questions that follow. (Total marks = 15) GDP Deflator...

 

Transcribed Image Text:

Use the data below to answer the questions that follow. (Total marks = 15) GDP Deflator (base year Year0) 100.0 110.0 125.0 Year Year0 Yearl Year2 Nominal GDP (in billions of dollars) 600 680 750 a) What was the growth rate of nominal GDP (i) between Year0 and Yearl, and (ii) between Yearl and Year2? Show your work. (3 marks) ECON 248v10 Assignment 1A = b) What was the growth rate of the GDP deflator (i) between Year0 and Yearl, and (ii) between Yearl and Year2? Show your work. (3 marks) c) What was the real GDP in Year0 prices in (i) Year0, (ii) Yearl, and (iii) Year2? Show your work. (3 marks) ©Athabasca University January 2022 d) What was the growth rate of real GDP (i) between Year0 and Year1, and (ii) between Yearl and Year2? Show your work. (3 marks) e) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP (i) between Year0 and Yearl, and (ii) between Yearl and Year2? Explain. (3 marks) Use the data below to answer the questions that follow. (Total marks = 15) GDP Deflator (base year Year0) 100.0 110.0 125.0 Year Year0 Yearl Year2 Nominal GDP (in billions of dollars) 600 680 750 a) What was the growth rate of nominal GDP (i) between Year0 and Yearl, and (ii) between Yearl and Year2? Show your work. (3 marks) ECON 248v10 Assignment 1A = b) What was the growth rate of the GDP deflator (i) between Year0 and Yearl, and (ii) between Yearl and Year2? Show your work. (3 marks) c) What was the real GDP in Year0 prices in (i) Year0, (ii) Yearl, and (iii) Year2? Show your work. (3 marks) ©Athabasca University January 2022 d) What was the growth rate of real GDP (i) between Year0 and Year1, and (ii) between Yearl and Year2? Show your work. (3 marks) e) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP (i) between Year0 and Yearl, and (ii) between Yearl and Year2? Explain. (3 marks)

Answer rating: 100% (QA)

To answer these questions we first calculate the Real GDP for all the years GDP Deflator is calculat... View the full answer