Below are the characteristics of the country of Econ: Year 2018: Homes Price: $200,000 Homes Purchased: 1,000
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Question:
Below are the characteristics of the country of Econ:
Year 2018:
Homes Price: $200,000
Homes Purchased: 1,000
Car Price: $25,000
Cars Purchased: 1,000
Milk Price per Gallon: $2.25
Gallons Purchased: 100,000
Year 2019:
Homes Price: $350,000
Homes Purchased: 1,500
Car Price: $45,000
Cars Purchased: 1,250
Milk Price per Gallon: $3.75
Gallons Purchased: 150,000
Using 2018 as the base year, compute the following:
i. Nominal GDP for 2018 and 2019
ii. Real GDP for 2019
iii. GDP Deflator
iiii. CPI
iiiii. Percent growth of GDP & CPI
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