Nominal GDP, real GDP, rate of inflation
Not what you're looking for?
Suppose hamburgers cost 1.50 last year and 1.65 this year, and the overall price index (the GDP deflator )rose for 125 last year to 150 this year.
a. How much will 1,000 hamburgers contribute to this year's nominal GDP?
b. How much will 1,000 hamburgers contribute to this year's real GDP?
c. What was the rate of inflation during the past Year?
Purchase this Solution
Solution Summary
The expert calculates nominal GDP, real GDP, rate of inflation.
Solution Preview
Suppose hamburgers cost 1.50 last year and 1.65 this year, and the overall price index (the GDP deflator )rose for 125 last year to 150 this year.
a. ...
Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.