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posted by Entelligent on 11/2/2009 11:24:42 PM | status: Live | Earned Karma: 266

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QUESTION

A hypothetical economy produces only two goods: wheat and cloth. Following table shows their prices and quantities in three different years.

Goods	2004		2005		2006
Goods	Price (Rs)	Quantity	Price (Rs)	Quantity	Price (Rs)	Quantity
Wheat	1098	330	1134	390	1198	423
Cloth	1157	495	1228	565	1337	627

A. From this information, CALCULATE the GDP Deflator for each year.

B. CALCULATE the inflation rate for the year 2005 and 2006 and INTERPRET the results.

Tags: Economics

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