What is the rate of economic growth

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Reference no: EM13176761

Use the table below to answer the following questions (please show all work).

2011 2012

Good Quantity Price Quantity Price

Tomatoes 500 $2.00 600 $2.20

Tofu 800 $4.00 1000 $4.25

Tacos 900 $3.00 900 $4.00

a) What is nominal GDP for 2011? For 2012?

b) Assuming that 2011 is the base year, calculate real GDP in 2011 and 2012.

c) Now calculate the GDP deflator for 2011 and 2012 (assuming that 2011 is the base year).

d) What is the rate of economic growth between the two years as defined byt he percent change real GDP.

e) What is the rate of inflation between the two years?

Reference no: EM13176761

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