"Unit 4.1 - Economic Growth and Productivity (Activity)"

Solve the missing figures and explain your findings in bullet points.

Apples

Oranges

Price ($)

Quantity

Price ($)

Quantity

2015

50

10

20

50

2016

100

20

30

100

2017

150

20

50

200

Nominal GDP

$

2015

($50 10) + ($20 50) =

Note that the base year's nominal and real GDP must be the same. (Fill)

1500 2016

($100 20) + ($30 100) =

2017

($150 20) + ($50 200) =

Real GDP (Base year 2015)

2015 $

2015

($50 10) + ($20 50) =

2016

($50 20) + ($20 100) =

2017

($50 20) + ($20 200) =

"Calculate the GDP Deflator"

Apples

Oranges

Price ($)

Quantity

Price ($)

Quantity

2015

50

10

20

50

2016

100

20

30

100

2017

150

20

50

200

Nominal GDP

$

GDP Deflator

2015

($50 10) + ($20 50) =

1500

100 1500 / 1500 = 100

2016

($100 20) + ($30 100) =

2017

($150 20) + ($50 200) =

Real GDP (Base year 2015)

2015 $

2015

($50 10) + ($20 50) =

1500

2016

($50 20) + ($20 100) =

2017

($50 20) + ($20 200) =

"Calculate the Growth Rate for GDP"

Apples

Oranges

Price ($)

Quantity

Price ($)

Quantity

2015

50

10

20

50

2016

100

20

30

100

2017

150

20

50

200

Nominal GDP

$

GDP Growth Rate (%) Nominal (Current)

2015

($50 10) + ($20 ???) =

2016

($100 20) + ($30 ???) =

2017

($150 20) + ($50 ???) =

Real GDP (Base year 2015)

2015 $

GDP Growth Rate (%) Real (Constant)

2015

($50 10) + ($20 ???) =

2016

($50 20) + ($20 ???) =

2017

($50 20) + ($20 ???) =

Explain your findings in bullet points: "Economic Growth and Productivity"

1)GDP deflator: ..........................................

2016

2017

2)Growth rate: .............................................

2016

2017