Use the data from below table: Compute nominal GDP in 2014. Compute real GDP in 2015. Compute the GDP deflator in 2016. 2014 (base year) 2015 2016 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205
Use the data from below table: Compute nominal GDP in 2014. Compute real GDP in 2015. Compute the GDP deflator in 2016. 2014 (base year) 2015 2016 P Q P Q P Q Good A $30 900 $31 1000 $36 1050 Good B $100 192 $102 200 $100 205
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Use the data from below table:
- Compute nominal GDP in 2014.
- Compute real GDP in 2015.
- Compute the GDP deflator in 2016.
2014 (base year) |
2015 |
2016 |
||||
P |
Q |
P |
Q |
P |
Q |
|
Good A |
$30 |
900 |
$31 |
1000 |
$36 |
1050 |
Good B |
$100 |
192 |
$102 |
200 |
$100 |
205 |
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