Question

Use the following information to complete the numerical questions below. You have the data on five items for 2017 (BASE YEAR) & 2018:

Item	Price2017	Q2017
Tuition	$25,000	1
Housing	$600	12
Food	$5	1000
Medical	$100	5
Entertainment	$10	100

Item	Price2018	Q2018
Tuition	$26,000	1
Housing	$650	12
Food	$5.10	1020
Medical	$120	6
Entertainment	$12	105

1. NGDP 2017 = $  and NGDP 2018 = $

2. RGDP 2017 = $[38700] and RGDP 2018 = $  .

3. Real Economic growth between 2017 & 2018 =  %. (round to the closest hundredth of a %)

4. GDP Price Index 2017 =  (base year!) and GDP Price Index 2018 = [105.2] (round to the closest tenth)

5. Inflation between 2017 & 2018 =  % (round to the closest tenth)

Answer 1