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## Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users.   2000 2001 Price of a house \$120,000 \$145,000 Number of houses produced 1000 1050       Price of a pair of shoe \$150 \$170 Number of pairs of shoes produced 650,000 525,000 Year 2000 Year 2001 Price of a house \$120,000 Price of a pair of shoes \$150 \$170 Number of houses produced 1,000 Number of pairs of shoes 650,000 525,000   (d) Calculate the GDP deflator for both years. (e) Calculate the rate of inflation for 2001 using the GDP deflator.

Question 2

Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users.

 2000 2001 Price of a house \$120,000 \$145,000 Number of houses produced 1000 1050 Price of a pair of shoe \$150 \$170 Number of pairs of shoes produced 650,000 525,000

Year 2000 Year 2001 Price of a house \$120,000 Price of a pair of shoes \$150 \$170 Number of houses produced 1,000 Number of pairs of shoes 650,000 525,000

(d) Calculate the GDP deflator for both years.

(e) Calculate the rate of inflation for 2001 using the GDP deflator.

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