Macroeconomics

Learn the toughest concepts covered in your Macroeconomics class with step-by-step video tutorials and practice problems.

Gross Domestic Product (GDP) and Consumer Price Index (CPI)

Nominal GDP and Real GDP

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Nominal GDP and Real GDP

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Inflation and the GDP Deflator

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Problem

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.

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Problem

Using the information above, calculate the inflation rate for 2012 in the United States of Barbeque.