his economy only produces two goods apples and TV. For the years 1997 and 1998 the quantities are prices are shown. The base year is 1997. 1. Calculate the total value of good and services at current prices in this economy for 1997 and 1998. 2. Calculate the total value of good and service at constant prices in this economy for 1997 and 1998. 3. Calculate the GDP deflator in 1998.
This economy only produces two goods apples and TV. For the years 1997 and 1998 the quantities are prices are shown. The base year is 1997.
1. Calculate the total value of good and services at current prices in this economy for 1997 and 1998.
2. Calculate the total value of good and service at constant prices in this economy for 1997 and 1998.
3. Calculate the GDP deflator in 1998.
4. Calculate the growth rate of real GDP in 1998.
5. Calculate the growth rate of nominal GDP in 1998.
6. Calculate the
7. Calculate the inflation rate for both 1997 and 1998.
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4. Calculate the growth rate of real GDP in 1998.
5. Calculate the growth rate of nominal GDP in 1998.
6. Calculate the
7. Calculate the inflation rate for both 1997 and 1998.
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