Practice: The United States of Barbeque produces two goods: Hot Dogs and Hamburgers. Use the following information to calculate the GDP Deflator for 2012, assuming the base year is 2010.
| Sections | |||
|---|---|---|---|
| Calculating GDP | 12 mins | 0 completed | Learn |
| Detailed Explanation of GDP Components | 10 mins | 0 completed | Learn |
| Value Added Method for Measuring GDP | 8 mins | 0 completed | Learn |
| Nominal GDP and Real GDP | 23 mins | 0 completed | Learn |
| Shortcomings of GDP | 9 mins | 0 completed | Learn |
| Calculating GDP Using the Income Approach | 11 mins | 0 completed | Learn |
| Other Measures of Total Production and Total Income | 5 mins | 0 completed | Learn |
| Consumer Price Index (CPI) | 13 mins | 0 completed | Learn |
| Using CPI to Adjust for Inflation | 7 mins | 0 completed | Learn |
| Problems with the Consumer Price Index (CPI) | 6 mins | 0 completed | Learn |
Concept #1: Nominal GDP and Real GDP
Concept #2: Inflation and the GDP Deflator
Practice: Using the information above, calculate the inflation rate for 2012 in the United States of Barbeque.
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