(b) The table below shows GDP at current prices (money GDP) and an appropriate price index (the implicit price deflator) for a group of selected years. Compute GDP at constant 2014-15 prices (real GDP). Also calculate real GDP growth.         GDP at current prices Implicit price deflator   GDP at constant 2014-15 prices Economic Growth Year ($ million) (2014-15 = 100) Calculation ($ million)               2013-14 783514 97.2       2014–15 838011 100       2015-16 892999 104.1       2016-17 967721 108.4       2017-18 984450 110.1

You are given the following:   Year Quantity of Cars Price of Cars Quantity of Buses Price of Buses 2013   5 million $20,000 1 million $100,000 2014   5.1 million $22,000 1.2 million $102,000 Base Year = 2013   2a. Calculate nominal GDP for 2013. Nominal GDP for 2013 = (5 million × $20,000) + (1 million × $100,000)  = $100,000 million + $100,000 million  = $200,000 million  2b. Calculate nominal GDP for 2014. Nominal GDP for 2014 = (5.1 million × $22,000) + (1.2 million × $102,000)  = $112,200 million + $122,400 million  = $234,600 million.  2c. Calculate real GDP for 2014. The real GDP for 2014 will be calculated as:-  Real GDP for 2014 = (5.1 million × $20,000) + (1.2 million × $100,000)  = $102,000 million + $120,000 million  = $222,000 million.  2d. Calculate the GDP Deflator to the nearest tenth for 2014.   2e. What does your previous number mean?   2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)

The table shows data for China and India for the year 2015. Compute the rGDP per capita to determine which country has the higher standard of living.