In a small economy two goods are produced: meat and potatoes. Assume the following values: Year Price meat Produced Price potatoes Produced quantity quantity meat potatoes 2017 10 25 2018 12 7 27 2019 4 11 8 26 A) Calculate the nominal GDP for 2018 and 2019 ( B) Calculate the real GDP for 2018 and 2019 with 2017 as the base year C) Calculate the GDP deflator for 2018 and 2019 (!

In a small economy two goods are produced: meat and potatoes. Assume the following values: Year Price meat Produced Price potatoes Produced quantity quantity meat potatoes 2017 10 25 2018 12 7 27 2019 4 11 8 26 A) Calculate the nominal GDP for 2018 and 2019 ( B) Calculate the real GDP for 2018 and 2019 with 2017 as the base year C) Calculate the GDP deflator for 2018 and 2019 (!

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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