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10. Answer each of the following questions using the table given in question 9, again assuming that food and clothing are the only two goods
10. Answer each of the following questions using the table given in question 9, again assuming that food and clothing are the only two goods in the economy. (a) Calculate the nominal GDP in each year. (b) Using 1998 as the base year, calculate real GDP in each year. What was the percentage change in real output? (c) Compute the GDP deflator for each period and its percentage change between 1998 and 1999. Is this the same as the change in the Consumer Price Index computed in part b of question 9? Why or why not
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