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Assume that apples cost $1.50 in 2012 and $1 in 2013, whereas oranges cost $1 in 2012 and $2.50 in 2013. If 4 apples were produced in 2012 and 5 in 2013, whereas 3 oranges were produced in 2012 and 4 in 2013: (50p) Base year is 2012
a) If base year is 2012 then calculate real and nominal GDP in 2012 and 2013
b) If base year is 2013 then calculate real and nominal GDP in 2012 and 2013
c) Calculate economic growth rate in 2013
d) Calculate real GDP in 2013 using Chain weighted method
e) What is inflation rate in 2013 (GDP deflator)? 2. Using data from your country minimum for 10 years (Ex. 2010-2020) draw Philips Curve and explain the figure by using the theory of Philips Curve.
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