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Can you please explain to me my mistakes and how to find the answers? Also please explain to me in detail the two last exercises
Can you please explain to me my mistakes and how to find the answers?
Also please explain to me in detail the two last exercises because I definitely don't understand them: growth rate and price index. How to calculate these?
Thank you!
Use the following table to below to answer the following question: Year Price Level Between which two years was the inflation rate the lowest? Select one: a. 5 and 6 b. 1 and 2 c. 2 and 3 d. 3 and 4 e' 4 and 5 Your answer is incorrect. Inflation rate calculation The correct answer is: 5 and 6 Real GDP has changed from $1200 billion in 2018 to $1500 billion in 2019. The economic growth rate in 2019 is Select one: O a. -25% O b. 20% X O c. 25% O d. -15% O e. 15% Your answer is incorrect. Economic growth rate calculation The correct answer is: 25%Use the following data to answer the following question Tractors 3'0 $800 35 $850 Base Year :Year1 What is the value of GDP deflator in Year 1? Select one: a. 130 b. 100 c. 120 d. 110 e. 104 Your answer is incorrect. The correct answer is: 100 Use the following table to below to answer the following question: Price Level Which of the following is correct? Select one: a. Inflation rates in year 5 and 6 are 5.5 %. b. Price level has been consistently risen. c. Inflation rate in year 5 is lower than that in year 6. d. Inflation rate in year 5 is higher than that in year 6. e. Inflation rates in year 5 and 6 are 5 %. Your answer is incorrect. Inflation rate calculation The correct answer is: Inflation rate in year 5 is higher than that in year 6. Use the table below to answer the following question Price ($) Quantity (units/year) Item \\ Year Base Year Current Year Base Year Current Year Bread 1.00 2.10 70,000 75,000 Computer Disks 1.00 1.80 25,000 18,000 Compute the current year of the GDP Deflator. Select one: a. 156 b. 49 c. 200 d. 206 e. 204 Your answer is incorrect. GDP Calculation The correct answer is: 204 Use the following data to answer the following question What is the economic growth rate g from 2015 to 2016? Select one: a. 3.2% b. 3.5% c. 4% d. 2.5% e. 4.3% M Nominal GDP Real GDP (in $ billions) (in $ billions) 2013 $900 $900 2014 948 929 2015 1001 958 2016 1055 999 Your answer is incorrect. Economic growth calculation The correct answer is: 4.3% If the Price Index in 2017 is equal to 130, and the inflation rate between 2017 and 2018 is 5 %, then the price index in 2018 is equal to Select one: a. 125 b. 136.5 c. 135 d. 105 e. 123.5 Your answer is incorrect. Price Index (GDP Deflator) Calculation The correct answer is: 135.5Step by Step Solution
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