Question
You have the following annual data for an economy: Real GDP Consumer Price ($) Index (CPI) 105.2 107.8 129.7 Year 2017 1278 2018 1300
You have the following annual data for an economy: Real GDP Consumer Price ($) Index (CPI) 105.2 107.8 129.7 Year 2017 1278 2018 1300 2019 1283 (a) What was the rate of growth of real GDP from 2017 to 2018, and 2018 to 2019? (b) What was the rate of inflation in 2018 and in 2019?
Step by Step Solution
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Step: 1
a To calculate the rate of growth of real GDP we use the following formula Rate of growth New ...
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Macroeconomics Principles Applications And Tools
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
7th Edition
978-0134089034, 9780134062754, 134089030, 134062752, 978-0132555234
