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What is the growth rate of nominal GDP

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Reference no: EM13889080

Use the following economy for the next 15 questions. Use 2009 as your base year for any calculations where a base year is needed.

2007: 4000 hamburgers, $2.00 each; 30 refrigerators, $400 each; 350 lawns mowed, $30 each

2008: 4200 hamburgers, $2.05 each; 32 refrigerators, $410 each; 350 lawns mowed, $40 each

2009: 4400 hamburgers, $2.15 each; 38 refrigerators, $420 each; 350 lawns mowed, $50 each

1. What is the growth rate of nominal GDP for 2008? (This means from 2007 - 2008)

2. What is the growth rate of nominal GDP for 2009? (This means from 2008 - 2009)

3. What is the growth rate of real GDP for 2008? (This means from 2007 - 2008)

4. What is the growth rate of real GDP for 2009? (This means from 2008 - 2009)

5. What is the GDP deflator for 2008?

6. What is the GDP deflator for 2009?

7. What is the inflation rate for 2008? (growth rate of GDP deflator from 2007 - 2008)

8. What is the inflation rate for 2009? (growth rate of GDP deflator from 2008 - 2009)

Reference no: EM13889080

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