assume the following: Karachi is an autonomous city. The only good/service produced at Karachi is Graduate education. year Karachi Grad std Price (tuition) Nominal GDP Real GDP (2015) Real GDP (2018) 2010 600 20000 2011 750 22000 2012 900 24000 2013 1100 25000 2014 1050 26000 2015 1300 29000
assume the following: Karachi is an autonomous city. The only good/service produced at Karachi is Graduate education. year Karachi Grad std Price (tuition) Nominal GDP Real GDP (2015) Real GDP (2018) 2010 600 20000 2011 750 22000 2012 900 24000 2013 1100 25000 2014 1050 26000 2015 1300 29000
Chapter5: Gross Domestic Product
Section: Chapter Questions
Problem 4SQ
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Question
, assume the following:
- Karachi is an autonomous city.
- The only good/service produced at Karachi is Graduate education.
year |
Karachi Grad std |
Price (tuition) |
Nominal |
Real GDP (2015) |
Real GDP (2018) |
2010 |
600 |
20000 |
|
|
|
2011 |
750 |
22000 |
|
|
|
2012 |
900 |
24000 |
|
|
|
2013 |
1100 |
25000 |
|
|
|
2014 |
1050 |
26000 |
|
|
|
2015 |
1300 |
29000 |
|
|
|
2016 |
1500 |
33000 |
|
|
|
2017 |
1600 |
36000 |
|
|
|
2018 |
1800 |
39000 |
|
|
|
2019 |
1750 |
43000 |
|
|
|
2020 |
1700 |
48000 |
|
|
|
- Find the growth rate of nominal GDP for 2014, 2015 and 2016.
- Find the growth rate of real GDP (using 2017) for 2012, 2013 and 2014.
- Why are your answers in 2 and 3 different/same?
- Compute inflation using GDP deflator (using 2017) for 2012, 2013 and 2014.
- Beside GDP deflator what other price indices are used in measuring inflation?
7. Which one is the best? Why?
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