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1.(10 points) Macroeconomics related questions a.What is the consumer price index? What is the GDP deflator? How are they calculated? b.What is the difference between

1.(10 points) Macroeconomics related questions

a.What is the consumer price index? What is the GDP deflator? How are they calculated?

b.What is the difference between real and nominal GDP?

c.Suppose the GDP deflater is 110, and nominal GDP is $10 Trillion. What is real GDP?

d.What are some potential pitfalls in the current method used to measure GDP?

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