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Consider an economy that produces only two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. 2014 is the base year. (Unless it is a whole number, round your answer to two decimal places.) Year 2014 $1.25 2015 $2.00 2016 $3.00 Year 2014 Price of strawberries 2015 Nominal GDP $ Quantity of strawberries 100 125 150 Real GDP Price of cream Quantity of cream $3.00 200 $3.50 400 $4.00 500 GDP deflator

Consider an economy that produces only two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. 2014 is the base year. (Unless it is a whole number, round your answer to two decimal places.) Year 2014 $1.25 2015 $2.00 2016 $3.00 Year 2014 Price of strawberries 2015 Nominal GDP $ Quantity of strawberries 100 125 150 Real GDP Price of cream Quantity of cream $3.00 200 $3.50 400 $4.00 500 GDP deflator

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider an economy that produces only two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. 2014 is the base year. (Unless it is a whole number, round your answer to two decimal places.) Year Price of strawberries 2014 $1.25 2015 $2.00 2016 $3.00 Year Nominal GDP 2014 $ 2015 $ 2016 $ Quantity of strawberries 100 125 150 Real GDP $ $ Price of cream Quantity of cream $3.00 200 $3.50 400 $4.00 500 GDP deflator
Transcribed Image Text:Consider an economy that produces only two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. 2014 is the base year. (Unless it is a whole number, round your answer to two decimal places.) Year Price of strawberries 2014 $1.25 2015 $2.00 2016 $3.00 Year Nominal GDP 2014 $ 2015 $ 2016 $ Quantity of strawberries 100 125 150 Real GDP $ $ Price of cream Quantity of cream $3.00 200 $3.50 400 $4.00 500 GDP deflator
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