10. The data below are (pretend) for the USA. What was the value for the GDP...
10. The data below are (pretend) for the USA. What was the value for the GDP Deflator in 2019?
Base Year 2018 2019
Qx 10 15 20
Qy 5 10 15
Px $2 $4 $5
Py $5 $8 $10
How much inflation (cumulatively) has there been since the base year? __________
Homework Answers
GDP deflator in 2019 = nominal GDP/ real GDP * 100
Nominal GDP in 2019 = market value of goods produced in 2019 and measured in current price = 20 * $5 + 15 * $10 = $100 + $150 = $250.
Real GDP in 2019 = market value of goods produced in 2019 and measured in constant price = 20 * $2 + 15 * $5 = $40 + $75 = $115
GDP deflator in 2019 = nominal GDP/ real GDP * 100 = $250/$115 * 100 = 2.17 * 100 = 217.
Inflation in 2019 from base year = % change in CPI from base year.
CPI in base year = 100.
Inflation in 2019 from base year = % change in CPI from base year = (217 - 100)/100 * 100 = 117/100 * 100 = 117%
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