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4. Suppose that in a given country, the price level over several years looks like this: Year Price Index 2015 220 2016 240 2017 258

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4. Suppose that in a given country, the price level over several years looks like this: Year Price Index 2015 220 2016 240 2017 258 2018 264 (a) What were the inflation rates in 2015-2016 and 2016-2017? (Your answer should be in two percentages) (b) Suppose that nominal GDP from 2016 to 2017 grew at 8%. What was the change in real GDP? (c) Suppose that in 2011 you had a salary of 60,000 in this country's currency. What would the equivalent of that be in 2018? In other words, how much would you have to earn in 2018 for your real income to be the same as it was in 2015

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