1. Consider the following data. For all calculations, calculate to 1 decimal place.
|
Year
|
Nominal GDP (billions)
|
GDP Deflator (base year 2006)
|
|
2013
|
$951.3
|
103.3
|
|
2014
|
|
105.1
|
a) Calculate real GDP in 2013 (in 2006 prices).
b) If real GDP in 2014 is $950.5 billion (2006 prices), calculate nominal GDP for 2014.
c) Calculate the growth rate of nominal GDP between 2013 and 2014 (Note: the growth rate is the percentage change from one period to the next).
d) Calculate the growth rate of real GDP between 2013 and 2014.
e) Calculate the growth rate of the GDP deflator between 2013 and 2014. What statistic are you calculating?
2. At the beginning of 2014, the aggregate output in Atlantis was $15 billion and the population was 3 million. During 2014, aggregate output rose by 3.5%, the population rose by 2.5%, and the aggregate price level remained constant. For all calculations, calculate to 2 decimal places. (10 marks - 2 marks each)
a) What was the aggregate output per capita in Atlantis at the beginning of 2014?
b) What was aggregate output in Atlantis at the end of 2014?
c) What was the population in Atlantis at the end of 2014?
d) What was aggregate output per capita in Atlantis at the end of 2014?
e) What was the annual growth rate of per capita output in Atlantis during 2014?