Business, 21.03.2020 10:42 LadyHolmes67
The tables below show data on prices and quantities of Oranges and Shoes produced in China.
Data for 2014
Price of Oranges
Quantity of Oranges
Price of Shoes
Quantity of Shoes
0.7
200
10
270
Data for 2015
Price of Oranges
Quantity of Oranges
Price of Shoes
Quantity of Shoes
0.9
150
14
250
Data for 2016
Price of Oranges
Quantity of Oranges
Price of Shoes
Quantity of Shoes
1.4
300
15
330
1. Given this data, what is the Nominal GDP in 2014?
2. What is the Nominal GDP in 2015?
3. What is the Nominal GDP in 2016?
4. Using 2014 as the base year, what is the Real GDP in 2014?
5. Using 2014 as the base year, what is the Real GDP in 2015?
6. Using 2014 as the base year, what is the Real GDP in 2016?
7. Using 2014 as the base year, what is the GDP Deflator in 2014?
8. Using 2014 as the base year, what is the GDP Deflator in 2015?
9. Using 2014 as the base year, what is the GDP Deflator in 2016?
10. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know as inflation rate) between 2014 to 2015?
11. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know as inflation rate) between 2015 to 2016?
Answers: 2
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The tables below show data on prices and quantities of Oranges and Shoes produced in China.
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