Q1) The economy produces only two products: vegetable oil and wheat. TH following table shows quantity and price in 2020 and 2021. 2020 2021 Quantity Price Quantity Price vegatable_oil 200 50 220 100 wheat 400 10 600 19 a) Calculate nominal GDP b) Calculate real GDP C) Calculate implicit price deflator for GDP

Q1) The economy produces only two products: vegetable oil and wheat. TH following table shows quantity and price in 2020 and 2021. 2020 2021 Quantity Price Quantity Price vegatable_oil 200 50 220 100 wheat 400 10 600 19 a) Calculate nominal GDP b) Calculate real GDP C) Calculate implicit price deflator for GDP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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answer D,E,F
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