Question 4 S Hanna eats nothing but pasta, yogurt, and lemonade. Each month her parents buy 25 pounds of pasta, 65 packages of yogurt, and 15 bottles of lemonade. These three items make up a basket of goods and services similar to the much larger basket used by the Bureau of Labor Statistics (BLS) when computing the official Consumer Price Index (CPI). The table below lists the average price for each item in this basket for the past four years. Hanna's Meals Instructions: Round your answers to no decimal place, but do not round values to be used to complete other calculations. using year 3 as the base year, calculate: In year 2, the inflation rate was ? % In year 3, the inflation rate was 0 % In year 4, the inflation rate was 3.8 % m Question 5 5/ 10 pts The table below shows nominal and real GDP for the United States between 2016 and 2019. Real GDP was computed using 2009 as the base year. Year Nominal GDP (billions of Real GDP (billions of dollars) dollars) 2016 $ 16,155.3 $ 15,354.6 2017 16,691.5 15,612.2 2018 17,427.6 16,013.3 2019 18,120.7 16,471.5 Instructions: Round your answers to no decimal value. a. Using the values above, the GDP deflator in 2017 was: 107 b. Using the values above, the GDP deflator in 2019 was: 110 c. Using the values above, the inflation rate in 2017 was: 19 % d. Using the values above, the inflation rate in 2019 was: 0.9 % Question 8 B Use the following table to answer the next question. GDP figures are in billions of dollars. 2016 5,200 4,800 2017 5,500 B | 112.1 2018 5,000 115.3 2019 5,820 5,750 I Instructions: Round your answers fo no decimal place and use commas (30,000 instead of 30000). a. Calculate Nominal GDP in 2018 (A): 2765 b. Calculate Real GDP in 2017 (B): 4906 c. Calculate the price index in 2016 (C): 108.3 d. Calculate the price index in 2019 (D): 1092 e. The inflation rate in 2018 was: 2.9 % B Question 11 2/4pts Instructions: Round your answers to one decimal place. In 2018, the nominal US GDP was $14.32 trillion and in 2019, it was $14.59 trillion. Given this information, the nominal US GDP growth rate in 2019 was 19 The GDP deflator in 2018 was 104.4 and in 2019 was 104.9. Given this new information, the real US GDP growth rate in 2019 was 13 %. Answer 1: 1.9 Answer 2: 1.3 Question 12 e The BEA just provided the following US information for the month of December: People employed was 165.89 million. The number of people incapable of working was 70.42 million, and those not looking for a job counted to 66.41 million. There was a total of 269.32 million working-age adults and total population was 310.11 million. From this information, Instructions: Use one decimal place. Do not round if values are used to complete other calculations. The unemployment rate was 7.2 %. Labor force participation rate was 49.2 %. Employment to population ratio was 53.5 %. Answer 1: 7.2 Answer 2: 49.2 Answer 3: 535 Partial Question 13 6 / 10 pts Instructions: Round your answers to one decimal place, but use complete values for additional calculations. In South Africa, the nominal GDP increased from $885 billion in 2017 to $892 billion in 2018 and the CPI went from 108.2 to 109.5 during the same years. Given this information, A. Nominal GDP growth 2018 = 0.8 %. B. Inflation rate 2018 = 1.2 %. c. Real GDP 2017 = $ 817.8 billion. D. Real GDP 2018 = $ 814.8 billion. E. Real GDP growth 2018 = -0.4 %