er | Portal X S Schoology x C hev-k12.schoology.com/common-assessment-delivery/start/6605334910?action=onresume&submissionld=1077600947 Test 06 FRQ Sec 03 Module 15 GDP, CPI & Inflation 3/9 DONE POSSIBLE POINTS: 100 FRQ Sec 03 Module 15 GDP, CPI & Inflation . 1. If production and prices rise from one year to the next, but population stays constant explain what will happen to the following, ie. fall, rise, or remain unchanged? . Nominal GDP . Real GDP . Per capita GDP 2. Assume there are only two goods being produced in the economy, chips and onion rings. . In 2011, 1,000,000 servings of chips were sold at $0.40 each and 800,000 servings of onion rings at $0.60 each. From 2011 to 2012, the price of chips rose by 25% and the servings sold fell by 10%; the price of onion rings fell by 15% and the servings sold rose by 5%. . Calculate nominal GDP in 2011 and 2012. . Calculate real GDP in 2012 using 2011 prices. . 3. CPI in the U.S. was 214.537 in 2009 and 218.056 in 2010. Calculate the inflation rate from 2009 to 2010. Hints: . CPI in a given year = (Cost of basket in a given year/Cost of basket in base year) x 100 . Inflation rate = (CPI year 2 - CPI year 1)/ CPI year 1 x 100 B IVEE 0 / 10000 Word Limit Review O Sign out Mar 8