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Consider the following table of price and quantities produced for a small economy.
Year
Footballs
Grapes
Dresses
Wine
Price Quantity
2000
2001
$5 3
$6 4
$1 15
$2 20
$20 4
$25 5
$5 5
$8.50 6
a) Assume that all grapes in this economy are used to make wine. Compute nominal GDP for 2000 and 2001.
b) Continue to assume that all grapes are used to make wine. Using 2000 as the base year, compute real GDP in 2000 and 2001.
c) Find the GDP Deflator for 2000 and 2001 on a 100-point scale. Report your answers to two decimal places, if necessary.
d) What was the growth rate for real GDP between 2000 and 2001? Express your answer as a percentage.
e) Assume that the typical consumer in this economy purchases 2 footballs, 1 dress, and 4 bottles of wine per year. Using 2000 as the base year, find the CPI in 2000 and 2001 on a 100-point scale.
f) What was the inflation rate in this economy between 2000 and 2001? Express your answer as a percentage.
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