GDP 2014 GDP 2015 A) What is the nominal GDP in 2014 for consumers? What is the
ID: 1194315 • Letter: G
Question
GDP 2014
GDP 2015
A) What is the nominal GDP in 2014 for consumers? What is the nominal GDP in 2015 for consumers?
B) What is the real GDP in 2015 for consumers?
C) What is the change in nominal GDP for consumers?
D) Total for C+G+I+NX
E) What is the total nominal GDP in 2015?
F) What is the total real GDP in 2015?
G) What is the GDP deflator?
H) What is the inflation rate between 2014-2015?
Good Quantity Price Donuts 500,000 $0.50 Coffee 750,000 $3.00 iPads 600,000 $599.99 iPhones 400,000 $399.99Explanation / Answer
a) Nominal GDP in 2014= Q2014*P2014= 522,490,000 ;
NGDP in 2015=Q2015*P2015= 683353000
b) Real GDP in 2015= Q2015*P2014= 622,838,000
c) change in nominal GDP= $160863000
d)Total for C+G+I+NX is total for GDP
e) Total nominal GDP 2015(ref-a)
f)Total real GDP 2015(ref-b)
g) GDP deflator= (NGDP*RGDP)
for 2014=522,490,000*522,490,000 =2729958001*10^8(*Nominal and Real GDP for the base year will be same)
for 2015=622,838,000*683353000=4256182158*10^6
h) Inflation rate=(CPI2015-CPI2014)/CPI2014
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