(KEY QUESTION) Consider the following data assuming that these are the only products produced and consume in the economy: Product 2019 Quantity 2019 Price ($) 2020 Quantity 2020 Price ($) Beer 14 18 16 13 Chocolate 15 11 17 12 Using 2020 as the base year answer the following questions: a. What was the nominal GDP in 2019 and 2020? b. What was the real GDP in 2019 and 2020? c. What was the GDP deflator in 2019 and 2020?

(KEY QUESTION) Consider the following data assuming that these are the only products produced and consume in the economy: Product 2019 Quantity 2019 Price ($) 2020 Quantity 2020 Price ($) Beer 14 18 16 13 Chocolate 15 11 17 12 Using 2020 as the base year answer the following questions: a. What was the nominal GDP in 2019 and 2020? b. What was the real GDP in 2019 and 2020? c. What was the GDP deflator in 2019 and 2020?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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