Question:
Consider an Economy that produces only Apples and Bananas. The following Table contains per unit price (in INR) and quantity (in kg) of these goods. Assuming 2010 as the Base Year and using GDP deflator to calculate the annual inflation rate, which of the following options is CORRECT?
Year Price of Apple Quantity of Apple Price of Banana Quantity of Banana 2010 1 100 2 50 2011 1 200 2 100 2012 2 200 4 100
Consider an Economy that produces only Apples and Bananas. The following Table contains per unit price (in INR) and quantity (in kg) of these goods. Assuming 2010 as the Base Year and using GDP deflator to calculate the annual inflation rate, which of the following options is CORRECT?
| Year | Price of Apple | Quantity of Apple | Price of Banana | Quantity of Banana |
| 2010 | 1 | 100 | 2 | 50 |
| 2011 | 1 | 200 | 2 | 100 |
| 2012 | 2 | 200 | 4 | 100 |
Updated On: Oct 1, 2024
- GDP deflator for the year 2011 is 100 and the inflation rate for the year 2011 is 0 %
- GDP deflator for the year 2012 is 50 and the inflation rate for the year 2012 is 100 %
- GDP deflator for the year 2011 is 50 and the inflation rate for the year 2011 is 0 %
- GDP deflator for the year 2012 is 100 and the inflation rate for the year 2012 is 100 %
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The Correct Option is A
Solution and Explanation
The correct option is (A): GDP deflator for the year 2011 is 100 and the inflation rate for the year 2011 is 0 %
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