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Introduction To Macro_FIN-3AB_20251
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Government should change the basket regularly to calculate inflation. The action will ensure inflation will reflect recency consumption pattern.
Year
|
Bread Price
|
Bread Quantity
|
Wine Price
|
Wine Quantity
|
2022
|
5
|
100
|
8
|
50
|
2023
|
5.5
|
105
|
8.2
|
54
|
2024
|
5.6
|
111
|
8.5
|
59
|
Calculate inflation rate in 2023. Assume as 2022 base year
GDP deflator will reflect the experience of people relative to inflation.
Economic data of an emerging country reveals that shares of capital (α) and labor (1−α) are roughly 0.7 and 0.3, respectively. What can be deduced from these results?
Year
|
Bread Price
|
Bread Quantity
|
Wine Price
|
Wine Quantity
|
2022
|
5
|
100
|
8
|
50
|
2023
|
5.5
|
105
|
8.2
|
54
|
2024
|
5.6
|
111
|
8.5
|
59
|
Calculate GDP deflator index for 2024. Assume as 2022 base year.
Year
|
Bread Price
|
Bread Quantity
|
Wine Price
|
Wine Quantity
|
2022
|
5
|
100
|
8
|
50
|
2023
|
5.5
|
105
|
8.2
|
54
|
2024
|
5.6
|
111
|
8.5
|
59
|
Calculate Real GDP growth for 2024. Assume as 2022 base year.
Year
|
Bread Price
|
Bread Quantity
|
Wine Price
|
Wine Quantity
|
2022
|
5
|
100
|
8
|
50
|
2023
|
5.5
|
105
|
8.2
|
54
|
2024
|
5.6
|
111
|
8.5
|
59
|
Calculate Nominal GDP for 2024. Assume as 2022 base year.
Year
|
Bread Price
|
Bread Quantity
|
Wine Price
|
Wine Quantity
|
2022
|
5
|
100
|
8
|
50
|
2023
|
5.5
|
105
|
8.2
|
54
|
2024
|
5.6
|
111
|
8.5
|
59
|
Calculate Real GDP for 2022. Assume as 2022 base year.
Year
|
Bread Price
|
Bread Quantity
|
Wine Price
|
Wine Quantity
|
2022
|
5
|
100
|
8
|
50
|
2023
|
5.5
|
105
|
8.2
|
54
|
2024
|
5.6
|
111
|
8.5
|
59
|
Calculate Nominal GDP for 2022. Assume as 2022 base year.
Description
|
t+0
|
t+1
|
t+2
|
Beginning Inventory
|
0
|
150
| |
Purchasing
|
150
|
200
| |
Cost of Goods Sold
|
300
| ||
Ending Inventory
|
150
|
50
| |
Sales
|
500
|
Calculate Accumulate Output Value Added Tax t+2. Value Added Tax Rates 11%.