A country\'s real GDP rose $500 to $530 while its nominal GDP rose from $600 to

Question

A country's real GDP rose $500 to $530 while its nominal GDP rose from $600 to $700. What was this country's inflation rate? A. 10.0%. B. 16.7%. C. -9.1%. D. 15.0%. Which of the following is included in the calculation of GDP? A. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country. B. The purchase of a used textbook from a friend who took the same class last year. C. The purchase of a new edition of a foreign textbook that produced in a different nation. D) The purchase of ink and paper supplies by a textbook company for the production of new textbook. Martin, a U.S. citizen, travels to Mexico and buys a newly manufactured motorcycle made there. His purchase is included in A. Mexican GDP, but it is not included in U.S. GDP. B. U.S. GDP, but it is not included in Mexican GDP. C. both Mexican GDP and U.S. GDP. D. neither Mexican GDP nor U.S. GDP. Which of the following is included in the investment component of GDP? A. spending on new residential construction and spending on stocks and bonds B. neither spending on stocks and bonds nor spending on new residential construction C. spending on new residential construction but not spending on stocks and bonds D. spending on stocks and bonds but not spending on new residential construction In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500. What was Talikastan's consumption in 2015? A. $1370 B. $830 C. $1770 D. $1230 The CPI is more commonly used as a gauge of inflation than the GDP deflator is because A. The CPI better the goods and services bought by consumers. B. The CPI is calculated more often than the GDP deflator is.

Explanation / Answer

Q 1)

Answer:

Real growth rate = 30/500 = 6%

Nominal growth rate =100/600 = 16.67%

Inflation rate = 16.67 - 6 = 10.67%

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