Calculations: __ GDP CPI Year 1 4,500 billion 100 Year 2 5,000 billion 130 Year 3 5,750
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Question:
Calculations:
__GDP CPI
Year 1 4,500 billion 100
Year 2 5,000 billion 130
Year 3 5,750 billion 140
1. Calculate Real GDP in constant Year 1 dollars for Year 2 and Year 3.
Answer:
2. Based upon your calculations was Year 3 a year of prosperity or a year of recession.
Explain why.
3. Calculate the rate of inflation for Year 3.
Answer:
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