Calculate the GDP deflator in 1999.f. Calculate the growth rate of real GDP in 1999.g. Calculate the growth rate of nominal GDP in 1999. Using the image An economy produces only two goods, oranges and VCRs. The quantities and prices for theyears 1998 and 1999 are shown in the table. The base year is 1998.19981999OrangesVCRsPrice$2$400Quantity5,0001,000Price$3$300Quantity4,0002,000

Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year.…

Answered: Calculate the GDP deflator in 1999. f.…

Calculate the GDP deflator in 1999. f. Calculate the growth rate of real GDP in 1999. g. Calculate the growth rate of nominal GDP in 1999. Using the image

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Calculate the GDP deflator in 1999.
f. Calculate the growth rate of real GDP in 1999.
g. Calculate the growth rate of nominal GDP in 1999.

Using the image

An economy produces only two goods, oranges and VCRs. The quantities and prices for the
years 1998 and 1999 are shown in the table. The base year is 1998.
1998
1999
Oranges
VCRs
Price
$2
$400
Quantity
5,000
1,000
Price
$3
$300
Quantity
4,000
2,000

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