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The country of Econland produces two goods: apples and oranges. The following table shows the quantity of apples and oranges with the price of each listed in rupees:
Year 1
Year 2
Quantity
Price
Apples
8000
Rs 4
10,000
Rs 3
Oranges
6000
Rs 8
5000
Rs 14
A. Assume that the base year is Year 1. Find the growth rate of real GDP from Year 1 to Year 2?
B. Calculate the inflation rate from Year 1 to Year 2 using the GDP deflator?
C. Rohit, an Indian citizen, owns and manages a pizza shop in New York, United States. He buys fresh cheese and bread produced by U.S. workers, pays bills to a U.S. company, and employs only U.S. citizens. What part, if any, of the pizza shop's production is included in U.S. Gross domestic product (GDP)?
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