The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020. (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year. (c) Calculate the GDP deflator for 2019 and 2020. (d) Using the GDP deflator, calculate the inflation rate in 2020. Is an old age pensioner in the UK better off today or in 1965? A pensioner received £22.50 per week from the government in June 1965. In June 2020, a pensioner now receives £72.50 per week. The CPI in 1965 was 58.40. In 2020 the CPI is 208.50.

The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020. (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year. (c) Calculate the GDP deflator for 2019 and 2020. (d) Using the GDP deflator, calculate the inflation rate in 2020. Is an old age pensioner in the UK better off today or in 1965? A pensioner received £22.50 per week from the government in June 1965. In June 2020, a pensioner now receives £72.50 per week. The CPI in 1965 was 58.40. In 2020 the CPI is 208.50.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....

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