Home » Please help. am struggling quite a bit with this. i am struggling to answer (b) as im not sure how to predict the inflation rate of the following

Please help. am struggling quite a bit with this. i am struggling to answer (b) as im not sure how to predict the inflation rate of the following

Please help. am struggling quite a bit with this. i am struggling to answer (b) as im not sure how to predict the inflation rate of the following year?

The actual real GDP of Australand this year is $677 billion. The average long term growth rate of the economy is 3.4%. The economic advisors of the country have drawn up next year’s aggregate demand and aggregate supply schedules of Australand, which are shown below.

The current CPI is 100. Based on the above information, answer the following questions.

(a)          What the forecast of next year’s real GDP?

(b)          What is the predicted inflation rate?

(c)          Will the economy experience an inflationary or a recessionary gap?

(d)          Will there be an upward or downward pressure on wage rates?

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