2. The following is also known for Ekonland: 2019 2020 Q P Q Pen 180 3 220 Раper 1100 1 1500 Eraser 1 140 140 a) Calculate nominal GDP for 2019 and 2020. b) Given BY (Base Year) =2019, calculate real GDP for 2019, 2020. What is the growth from 20019 to 20020? c) Calculate the GDP deflator using information from above. Is there inflation/deflation in 2020?
2. The following is also known for Ekonland: 2019 2020 Q P Q Pen 180 3 220 Раper 1100 1 1500 Eraser 1 140 140 a) Calculate nominal GDP for 2019 and 2020. b) Given BY (Base Year) =2019, calculate real GDP for 2019, 2020. What is the growth from 20019 to 20020? c) Calculate the GDP deflator using information from above. Is there inflation/deflation in 2020?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![2. The following is also known for Ekonland:
2019
2020
P
Q
P
Q
Pen
2
180
3
220
Paper
1100
1
1500
Eraser
1
140
140
a) Calculate nominal GDP for 2019 and 2020.
b) Given BY (Base Year) =2019, calculate real GDP for 2019, 2020. What is the growth from 20019 to
20020?
c) Calculate the GDP deflator using information from above. Is there inflation/deflation in 2020?
4.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b8ecc4e-039a-4727-ac09-fac68705837a%2F56765a7a-e062-4929-ae7f-62809eda7ed9%2Ffuyh27c_processed.png&w=3840&q=75)
Transcribed Image Text:2. The following is also known for Ekonland:
2019
2020
P
Q
P
Q
Pen
2
180
3
220
Paper
1100
1
1500
Eraser
1
140
140
a) Calculate nominal GDP for 2019 and 2020.
b) Given BY (Base Year) =2019, calculate real GDP for 2019, 2020. What is the growth from 20019 to
20020?
c) Calculate the GDP deflator using information from above. Is there inflation/deflation in 2020?
4.
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