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{"ops":[{"insert":"Now suppose that banking services in year 2 are not the same as banking services in year 1 because "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"they include internet banking, which year 1 banking services didn\u2019t include. The technology for "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"internet banking was available in year 1 but the price of banking services with internet banking in "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"year 1 was $13 and no one chose that package. However, in year 2 the price of banking services "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"with internet banking was $12 and everyone chose to have that package in year 2 (that is, in year 2 "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"no one chose to have the year 1 banking services package without internet banking)."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"e. Using year 1 prices, what is real GDP for year 2? What is the growth rate of real GDP? "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"f. What is the rate of inflation using the GDP deflator? "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"g. What is the labour productivity growth between year 1 and year 2 for the whole economy?"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"}]}

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