A country’s real gdp rose from 500 to 550 while its nominal gdp rose from 600 to 770. what was this country’s inflation rate?

1 answer:

5 0

<span>The inflation rate is 16.67%. To find this, we first need to compute the GDP deflator for each year and then we need to calculate the percent change in the GDP deflator. The GDP deflator is given by GDPdef=(nominal GDP/Real GDP)*100. For the first year, the GDP deflator is 120. For the second year it is 140. Percent change is given by [(new value - old value)/old value]*100. Plugging in 140 for the new value and and 120 for the old value, we see get that the percent change is 16.6667. Thus the inflation rate is approximately 16.67%.</span>

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A. Included in GDP under government expenditures

B. Not included in GDP

C. Included in GDP under consumption expenditures

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Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

Gross domestic product can be calculated using the expenditure approach:

GDP = Consumption spending on both durable and non durable goods and services + business spending on cqpital goods + Government Spending on public goods and services + Net Export

Items not included in the calculation of GDP are :

1. Transfer payments

2. Illegal activities

3. Purchase of shares

4. Intermediate goods

I hope my answer helps you

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