Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 Year 2010Goods Quantity Price Quantity PriceAutomobiles 100 50000 120 60000Bread 5000 10 4000 20a) Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP and the GDP deflator and explain briefly about what these values indicates?

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A: * SOLUTION :-  Given that ,

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A: Nominal GDP is the increment in the income or output level from year to year on the basis of market…

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A: For  2010:Nominal GDP =(Prices of movie*quantity of movies) of 2010 + (Prices of popcorn*quantity of…

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A: Given GDP deflator and nominal GDP, the following formula would be used for real GDP GDP deflator =…

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A: The nominal GDP, real GDP and the GDP deflator are given as YearNominal GDPReal GDPGDP…