The table below is extracted from Happy land Republic, Bureau of Statistics records for 2018-2019. Use the information in this table to answer the questions that follow. "image" i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016. ii. Why does real GDP always defer from nominal GDP?

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A: Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year.…

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A: Nominal GDP is the value of goods and services produced within the boundaries of the nation. The…

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A: Nominal GDP, or Gross Domestic Product, refers to the sum of the product of final goods price and…

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A: GDP is the gross domestic product. GDP is the market value of all final goods and services produced…

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A: The following formulae is used to calculate the missing values in the table:Nominal GDP = (Real GDP…

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A:

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A: [GDP deflator = Nominal GDPReal GDPx100]   [Percent Increase in Price Level (INFLATION) = GDP…

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A:

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