QUESTION 1 Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time Period 100 2 300 1.5 150 2.5 350 2 What is Nominal GDP in Year 2? QUESTION 2 Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time Period 100 2 300 2.5 350 N 1.5 150 What is Real GDP in Year 1, using Year 2 as base year for prices? QUESTION 3 Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time Period 100 2 300 1.5 150 2.5 350 Calculate the implicit GDP price deflator, for Year 2, using Year 1 as the base year QUESTION 4 Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time Period 100 2 300 1.5 150 2.5 350 2 Calculate the chain-weighted inflation rate using the Implicit GDP Price Deflators If you get an inflation rate of 3.15%, your reported answer should be 3.15 QUESTION 9 You are told that: . The number of people searching for a job is falling . The number of people employed is falling The unemployment rate... O ...is growing O ...is falling O ...it depends on how many less unemployed and employed people we have It depends on GDP growth