Consider the following information about a simple country that produces two different goods: Year Price Milk...
Consider the following information about a simple country that produces two different goods:
|
Year |
Price Milk |
Quantity Milk |
Price Cereal |
Quantity Cereal |
|
2014 |
$4 |
200 |
$5 |
300 |
|
2015 |
$4.25 |
250 |
$5.50 |
330 |
|
2016 |
$4.50 |
300 |
$6.00 |
350 |
From 2014 to 2015 the growth rate of nominal GDP was ____% and the growth rate of real GDP was _____%.
Enter a number rounded to two decimal places. Assume 2014 was the base year.
Homework Answers
NGDP in 2014 = 4*200+5*300 = 2300
NGDP in 2015 = 4.25*250+5.5*330 = 2877.5
Growth rate of NGDP = (2877.5-2300)/2300*100 = 25.11%
RGDP in 2014 = 2300
RGDP in 2015 = 4*250+5*330 = 2650
Growth rate of RGDP = (2650-2300)/2300*100 = 15.22%
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