Chrome File Edit View History Bookmarks People Tab Window Help 63% Wed 8:23 pm LTU SUMMER SCHOOL 2 X ProQuest Ebook Central - > Course Hero X transactions that are not x (1) How to Calculate Nom X + C A Ims.latrobe.edu.au/pluginfile.php/5906777/mod_resource/content/18/rig20_ps2.pdf 6 : Apps AmazonBrowserBar _ Lenovo Poketalk with Len... Wiley Australia: Fi... VitalSource Accou Financial Accounti... *Chapter-4-CORE-.. Screen Shot 2020-0...38.53 pm d. All of the above e. None of the above. PART B (INDEPENDENT THINKING, REAL-WORLD APPLICATIONS AND REFLECTION) 7) (KEY QUESTION) Consider the following data assuming that these are the only products produced and consumed in the economy: Product 2020 Quantity 2020 Price ($) 2021 Quantity 2021 Price ($) Beer 14 16 13 Chocolate 15 11 17 12 Using 2021 as the base year answer the following questions: a. What was the nominal GDP in 2020 and 2021? b. What was the real GDP in 2020 and 2021? c. What was the GDP deflator in 2020 and 2021? d. What was the growth rate of nominal GDP between 2020 and 2021? What was the growth rate of real GDP between 2020 and 2021? What was the growth rate of the GDP deflator between 2020 and 2021? e. Calculate the value of the basket in 2020 and 2021. . Calculate the CPI for 2020 and 2021. g. Calculate the annual inflation rate over the 2020-2021 period. h. (This part is OPTIONAL in case you want more practice, but you will NOT lose any marks if you do not complete it) Change your base year from 2021 to 2020. Re-do your answers to parts a, b, and c. 2021. B( 16 X 13) + C( 17 X 12) = 412 b. Real GDP 2020. B(14 X 18) + C( 15 X 11) = 417 2021 B(16 X 18) + C ( 12 X 11) = 420 JUL 381 29 stv O W To

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