Use the following economy for the next 15 questions. Use 2009 as your base year for any calculations where a base year is needed.
2007: 4000 hamburgers, $2.00 each; 30 refrigerators, $400 each; 350 lawns mowed, $30 each
2008: 4200 hamburgers, $2.05 each; 32 refrigerators, $410 each; 350 lawns mowed, $40 each
2009: 4400 hamburgers, $2.15 each; 38 refrigerators, $420 each; 350 lawns mowed, $50 each
1. What is the growth rate of nominal GDP for 2008? (This means from 2007 - 2008)
2. What is the growth rate of nominal GDP for 2009? (This means from 2008 - 2009)
3. What is the growth rate of real GDP for 2008? (This means from 2007 - 2008)
4. What is the growth rate of real GDP for 2009? (This means from 2008 - 2009)
5. What is the GDP deflator for 2008?
6. What is the GDP deflator for 2009?
7. What is the inflation rate for 2008? (growth rate of GDP deflator from 2007 - 2008)
8. What is the inflation rate for 2009? (growth rate of GDP deflator from 2008 - 2009)