20 Jul WHAT IS THE PERCENTAGE INCREASE IN REAL GDP?
Consider an economy that produces and consumes only three types of fruit: apples oranges and banana Show more Consider an economy that produces and consumes only three types of fruit: apples oranges and bananas. In 2009 and 2010 the production/consumption and price data were as follows: a) Find nominal GDP for each year. What is the percentage increase in Nominal GDP? b) Find real GDP for each year (assuming that 2009 is the base year). What is the percentage increase in Real GDP? c) Find the GDP deflator for each year. By what percentage does the price increase? d) Would you say that the percentage increase in Nominal GDP in this economy is due more to increases in prices or increases in the physical volume of output? e) Assuming that 2009 is the reference base year and 2010 is the expenditure base year calculate the CPI for each year. Show less
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