11:30 AM Wed Sep 21 56%

11:30 AM Wed sep 21 History Of Economic Ideas 15 of 21 International Economics: Trade International Economics: Trade NOMINAL WACE = C.OOO 6. In the following table, you will find data on two key macroeconomic indicators for the US economy: GDP (measured in current billion US dollars) and the Consumer Price Index (CPI) using the year 2015 as a base value. Note that this dataset is available in an Excel spreadsheet on Canvas. The file is labelled "Data File Assignment I .xls"; the relevant data can be found in the tab "GDP USA". Table 3: GDP and CPI in the U.s., 2015-202 Art History 205 GDP CPI Year (billion dollars) (2015=100) 2015 2016 2017 2018 2019 2020 2021 18,206 18,695 19,480 20,527 21,373 20,894 22,996 100.00 102.07 104.23 106.22 108.65 110.13 117.87 FOR A GIVEN VARIABLE X. THE CRWOTH RATE CT BETWEEN T AND T -1 CALULATED IN TEH FOLLOWING: CT-XT - XT-I / IT-I C2018=GDP 2018-GDP 2017/GDP 2017 Sources: World Development Indicators, Bureau of Labor and Statistics. a) Is the data on GDP reported in nominal terms or real terms? REAL TERMS b) What is the unit of measurement for the CPI? THERE IS NO UNIT OF MEASUREMENT. 110.13 - 108-5 C) What is the inflation rate in 2020? tog-F d) What is the inflation rate in 2021? 11767- ( > e) Compute the value of GDP in 2020 in 2015 US dollars? f) What is the growth rate of real GDP in 2020? 7. Country XYZ u 01 q D7 '7.2-1. apital, land, and natural