Consider in a given economy For a given time period the following in.pdf
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The document outlines a task to calculate the Consumer Price Index (CPI) for the years 1971, 1981, 1992, and 2012 using specified data, with 1981 as the base year. It also instructs on calculating the percentage changes in nominal and real GDP from 1971 to 2012 and requires an explanation of the differences between these two types of percentage changes. The key formula provided is CPI = (current year expenditure * 100) / (base year expenditure).
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Consider in a given economy For a given time period the following in.pdf
- 1. Consider in a given economy: For a given time period the following information indicated numbers of goods and services needed (Items) Unit Price for these items for selected time are shown in the table below. Assume base year is 1981: calculate CPI for 1971, 1981, 1992 and 2012, Make sure show all your calculations Consider the following information, Use the CPI from part one, and assume base is 1992. Complete the table Calculate percentage change of Nominal GDP from 1971 to 2012. Calculate percentage change of Real GDP from 19711 to 2012. Explain the difference between nominal percentage change and real percentage change. Solution CPI=current year expenditure * 100/base year expenditure