Principles of Macroeconomics ECON 1250 Fall 2021 Assignment #2 (20 marks) Due: Thursday, October 07, 2021 Late assignments will not be accepted. 1. Consider the following data. For all final calculations, calculate to I decimal place. (10 marks - 2 marks each) Year Nominal GDP (billions) GDP Deflator (base year 2016) 2019 $951.3 103.3 2020 105.1 a) Calculate real GDP in 2019 (in 2016 prices). b) If real GDP in 2020 is $950.5 billion (2016 prices), calculate nominal GDP for 2020. c) Calculate the growth rate of nominal GDP between 2019 and 2020 (Note: the growth rate is the percentage change from one period to the next). d) Calculate the growth rate of real GDP between 2019 and 2020. e) Calculate the growth rate of the GDP deflator between 2019 and 2020. What statistic are you calculating? At the beginning of 2020, the aggregate output in Atlantis was $15 billion and the population was 3 million. During 2020, aggregate output rose by 3.5%, the population rose by 2.5%, and the aggregate price level remained constant. For all calculations, calculate to 2 decimal places. (10 marks - 2 marks each) a) What was the aggregate output per capita in Atlantis at the beginning of 2020? b) What was aggregate output in Atlantis at the end of 2020? c) What was the population in Atlantis at the end of 2020? d) What was aggregate output per capita in Atlantis at the end of 2020? e) What was the annual growth rate of per capita output in Atlantis during 2020? Notes: Show all of your calculations and explain your steps. When drawing graphs, try to be as accurate as possible; poorly drawn or inaccurate graphs will lose marks