2007 2010 2013

Quantity Price Quantity Price Quantity Price

Peaches 150 $0.20 170 $0.30 190 $0.40

Tacos 75 0.80 80 1.00 100 1.20

Flashlights 40 3.00 40 3.50 50 4.50

Harmonicas 20 14.00 25 16.00 30 18.00

Table 2.3 gives quantities and prices for each good produced in a simple economy in 2007, 2010,and 2013.

a. (3 pts) Refer to Table 2.3. Nominal GDP in 2007 is

b.(3 pts)Refer to Table 2.3. Nominal GDP in 2010 is

c.(3 pts) Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2007 is

d.(3 pts) Refer to Table 2.3. Assume that 2010 is the base year. The GDP deflator for 2007 is

e. ( 3 pts0 Refer to Table 2.3. Assume that 2010 is the base year. The GDP deflator for 2010 is

f.(5 pts) Refer to Table 2.3. The Inflation rate between 2007 and 2010 is