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(20 points total) Suppose that Finlandia produces three goods: tennis shoes, basketballs, and lawn mowers. The following table provides information about the prices and quantities
(20 points total) Suppose that Finlandia produces three goods: tennis shoes, basketballs, and lawn mowers. The following table provides information about the prices and quantities for these three goods for the years 2019, 2020 and 2021. Year Tennis Shoes Basketballs Lawn Mowers Price Quantity Price Quantity Price Quantity 2019 $100 100 $20 200 $200 10 2020 $104 108 $20 205 $200 12 2021 $108 115 $20 212 $220 12 a. What is nominal GDP in each of these years? b. Assuming that 2019 is the base year, what is real GDP in each of these years? c. What is the GDP deflator in each of these years? Explain
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