An economy has the following real GDP and nominal GDP price index between 1989 and 1990: year         Real GDP            Nominal GDP 1989 ...... $1,000B........... $1,200B 1990........$1,050B............$1,386B a) what is the GDP price index for 1989? b) what is the GDP price index for 1990? c) what is the inflation rate as measured by the GDP price index between 1989 and 1990?

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A: The Real GDP can be calculated by the given equation.

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A: Nominal GDP is the product of current year quantity and current year price This means ,  Nominal GDP…

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