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HSC Economics Revision Quiz Real GDP
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An economy has nominal GDP of 200 in Year 1, and 250 in Year 2. CPI was 100 in Year 1 and 115 in Year 2. What is real GDP Year 2?
250 240 217 227
An economy has nominal GDP of 200 in Year 1, and 250 in Year 2. CPI was 100 in Year 1 and 115 in Year 2. What is real GDP Year 2?
C 217
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Inflation = (115 – 100)/ 100 = 15% Real GDP = 250 / (1.15)
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An economy has the following information.
2010 2011 Nominal GDP 400 480 Real GDP in 2011 was 440. What was the inflation rate in 2010/2011?
5% 6% 9% 10%
An economy has the following information.
2010 2011 Nominal GDP 400 480 Real GDP in 2011 was 440. What was the inflation rate in 2010/2011?
9% Inflation = (480 / 400) – 1
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An economy has the following information.
2010 2011 Nominal GDP 400 480 Real GDP 410 CPI 100 ?
What was the CPI in 2011?
115 117 120 121
An economy has the following information.
2010 2011 Nominal GDP 400 480 Real GDP 410 CPI 100 ?
What was the CPI in 2011?
117 Inflation = (480 / 410) – 1 = 17% CPI = 100 x (1.17) = 117
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Incorrect.
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HSC Economics Revision Quiz Real GDP