The following table contains information about an economy that produces only rice and beans. The base year is 2011. Using the table above, what is the value of GDPdeflator for 2011?YearPrice ofRiceQuantityof RicePrice ofBeansQuantityof Beans2011$2100$5502012$2120$6702013$3120$870O 590O 660O 450O 100

GDP deflator = Nominal GDP / Real GDP * 100

The following table contains information about an economy that produces only rice and beans. The base year is 2011. Using the table above, what is the value of GD deflator for 2011? Yoar Price of Quantity of Rice Price of Beans Quantity of Beans Rice 2011 $2 100 $5 50 2012 $2 120 $6 70 2013 $3 120 $8 70 • 590 O 660 O 450 O 100

The following table contains information about an economy that produces only rice and beans. The base year is 2011. Using the table above, what is the value of GD deflator for 2011? Yoar Price of Quantity of Rice Price of Beans Quantity of Beans Rice 2011 $2 100 $5 50 2012 $2 120 $6 70 2013 $3 120 $8 70 • 590 O 660 O 450 O 100

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 2QP

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