An economy's nominal GDP and Consumer Price Index (CPI) for three consecutive years are shown in the table below.
| Year | Nominal GDP (£ billion) | Consumer Price Index (CPI) |
|---|---|---|
| Year 1 (Base Year) | 300 | 100 |
| Year 2 | 336 | 105 |
| Year 3 | 378 | 112.5 |
Between Year 2 and Year 3, what is the percentage change in the country's real national output (real GDP)?
5.4%5.4\%5.4%
5.0%5.0\%5.0%
7.1%7.1\%7.1%
12.5%12.5\%12.5%
77 exam-style questions on OCR A Level Economics Inflation. Each one has a worked solution and a mark scheme showing where the marks go.