Suppose the price level for the country above was 110 in 2014 and 115 in 2015. Also, suppose nominal GDP in 2014 was $13,974
billion and nominal GDP in 2015 was $17,937 billion. Which of the following statements is not correct?

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ewomazinoade ewomazinoade · Answer 1 · 2021-09-17T18:58:21+02:00

The incorrect statement is : The inflation rate was almost 8% from 2014 to 2015

Gross domestic product is the sum of final goods and services produced in a country in a given period within a given period

Nominal GDP is GDP calculated using current year prices

Real GDP is GDP calculated using base year prices.

Inflation is the persistent increase in the price levels in an economy

Nominal GDP increase = ($17,937 / $13,974) - 1 = 0.2836 = 23.86%

The economy grew because nominal GDP increased.

Percentage increase in inflation = (115 / 110) - 1 = 0.0455 = 4.6%

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