The country of Opalia produces two goods: footballs and basketballs. Below is a table showing prices andquantities of output for the past three years:Price of Footballs Quantity of Footballs Price of Basketballs Quantity of BasketballsYearYear 11012012200Year 22003001215Year 32751418018a) Calculate the nominal GDP for each year.b) Calculate the real GDP for each year. (use year 1 as base year)c) Calculate the GDP deflator.d) Calculate the inflation rate.e) Re-do parts b)-d), but use year 2 as the base year. How do your answers differ?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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