multi choices (2 Viewers)

[camdaman12]

ill start
what did you guys get for the Change in Real GDP
I got 0% but people are saying 1% wot

 

[atargainz]

pls I put 0% fuck

 

[sy37]

wtf I got 14% for some reason

no idea what I did l0l

gg

 

[snail489]

ill start
what did you guys get for the Change in Real GDP
I got 0% but people are saying 1% wot

yeah I put down 0% too

 

[camdaman12]

i checked it a few times and i was pretty sure it was 0%
some teacher said it was 1% but he was probably high idek tbh

 

[Ekman]

I said 0%, because 1% is only true for nominal change in GDP, not real change in GDP.

 

[atargainz]

i checked it a few times and i was pretty sure it was 0%
some teacher said it was 1% but he was probably high idek tbh

hopefully he was high, full scaring me

 

[spatula232]

hopefully he was high, full scaring me

idk why I come on here after exams. Ruins my confidence

 

[myinnermonkey]

http://projectacademy.com.au/2015_HSC_Economics_Solutions.pdf

 

[xetamine]

AD = C+I+G+(X-M)

Yr 1 AD (GDP) = 1000
Yr 2 AD (GDP) = 1100

Nominal increase: 1.1

CPI: 1.1

Real increase: Nominal / CPI; 1.1 / 1.1

= 1

aka 0 increase (remained at 100%)

(A)

 

[andrew2015]

Can someone provide their working out for the real change in GDP question pls?

This was how I worked it out today:

 

[xetamine]

I hope you did not actually waste time doing that in your head.

You can see X=M for both years, you can totally ignore that.

Mentally add 500+200+300 = 1000, easy.

Mentally add 550+250+300, = 1100, easy. (You know the last one was 1000, there's two new 50s here).

1100 / 110 = 1

(A)

Did it in less than 15 seconds, leaving me a minute more for essays.