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1. Calculate real and nominal GDP for the year 2012 and 2013 2. Calculate the gdp deflator for 2012 and 2013 3. Calculate the rate

1. Calculate real and nominal GDP for the year 2012 and 2013 2. Calculate the gdp deflator for 2012 and 2013 3. Calculate the rate of inflation for 2013

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A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. Year Price of Ice Quantity of Ice Cream Price of Cake Quantity of Cream Cake 2011 $1.50 200 $10 50 12012 $2.00 250 $12 160 12013 $2.50 300 $15 70

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