Economics
Economics
5th Edition
ISBN: 9781319066604
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
Question
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Chapter 22, Problem 15P
To determine

a.

Percentage change in production.

Introduction:

Gross domestic product (GDP) refers to the gross money value or gross market value of all the finished goods and the services produced by the normal resident and non resident people of the country that is within that particular within the borders of the country in an accounting year.

The overall increase in CPI, which is the weighted average of prices of all the goods and services, is known as inflation rate. Formula to calculate inflation rate is:

Inflation Rate=Price Index for Current YearPrice Index for Previous YearPrice Index for Previous Year×100

To determine

b.

Percentage change in prices.

To determine

c.

Nominal GDP.

To determine

d.

Real GDP.

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