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.