25) Refer to Table 18. What is real GDP in 2016, using 2016 as the base year? A) $28,885 B) $11,790 C) $11,200 D) $10,275 26) Refer to Table 18. What is nominal GDP in 2016 when 2011 is the base year?

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Chapter1A: Appendix: Working With Graphs
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I am not sure how to solve 25, I think it's B but I feel like that might be wrong. I think for sure 26 is B and I don't think I can solve the GDP deflators without answering those questions first. I am also confused as to how to solve the GDP deflators even though I know the equation is Nominal GDP/Real GDP times 100.

Product
2011
Quantity
Price
100
$12
50
20
200
45
A very simple economy produces three goods: cameras, legal services, and books. The quantities
produced and their corresponding prices for 2011 and 2016 are shown in the table above.
Table 18
Camera
Legal services
Books
Price
$10
15
40
2016
Quantity
120
45
210
Transcribed Image Text:Product 2011 Quantity Price 100 $12 50 20 200 45 A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above. Table 18 Camera Legal services Books Price $10 15 40 2016 Quantity 120 45 210
25) Refer to Table 18. What is real GDP in 2016, using 2016 as the base year?
A) $28,885
B) $11,790
C) $11,200
D) $10,275
26) Refer to Table 18. What is nominal GDP in 2016 when 2011 is the base year?
A) $28,885
B) $11,790
C) $11,200
D) $10,275
27) Refer to Table 18. What is the GDP deflator in 2016 if 2016 is the base year?
A) 120
B) 118
C) 100
D) 87
28) Refer to Table 18. What is the GDP deflator in 2011 if 2016 is the base year?
A) 187
B) 87
C) 8.7
D) 0.87
Transcribed Image Text:25) Refer to Table 18. What is real GDP in 2016, using 2016 as the base year? A) $28,885 B) $11,790 C) $11,200 D) $10,275 26) Refer to Table 18. What is nominal GDP in 2016 when 2011 is the base year? A) $28,885 B) $11,790 C) $11,200 D) $10,275 27) Refer to Table 18. What is the GDP deflator in 2016 if 2016 is the base year? A) 120 B) 118 C) 100 D) 87 28) Refer to Table 18. What is the GDP deflator in 2011 if 2016 is the base year? A) 187 B) 87 C) 8.7 D) 0.87
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