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Consider the data in the following table, which represents the total production of the country Bywantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y Quantity of X 100 105 103 3. Price of Y $5 $100 $5 $105 85 Price of X $110 1. Calculate the nominal GDP for all three years (3 points) 2. Calculate real GDP for all three years, using 2018 as the base year (3 points) 3. Caleulate the GDP deflator, sing 2018 as the base year. Identify whether there was inflation from the (spuod ) ma smotaand

Consider the data in the following table, which represents the total production of the country Bywantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y Quantity of X 100 105 103 3. Price of Y $5 $100 $5 $105 85 Price of X $110 1. Calculate the nominal GDP for all three years (3 points) 2. Calculate real GDP for all three years, using 2018 as the base year (3 points) 3. Caleulate the GDP deflator, sing 2018 as the base year. Identify whether there was inflation from the (spuod ) ma smotaand

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Consider the data in the following table, which represents the total production of the country Bysantaum, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y Quantity of X Price of Y Price of X 100 105 3. 103 $5 $100 $5 $110 S105 1. Caleulate the nominal GDP for all three years (3 poents) 2. Calculate real GDP for all three years, using 2018 as the base year (3 points) 3. Caleulate the GDP deflator, using 2018 as the base year. Identily whether thre was inflatiOn from the previous year (4 points)
Transcribed Image Text:Consider the data in the following table, which represents the total production of the country Bysantaum, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y Quantity of X Price of Y Price of X 100 105 3. 103 $5 $100 $5 $110 S105 1. Caleulate the nominal GDP for all three years (3 poents) 2. Calculate real GDP for all three years, using 2018 as the base year (3 points) 3. Caleulate the GDP deflator, using 2018 as the base year. Identily whether thre was inflatiOn from the previous year (4 points)
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