2012 2013

QTY Price QTY Price

Apples 50 $0.40 75 $0.50

Burritos 80 1.50 100 1.60

Chewing Gum 60 1.25 70 1.50

Table 1 gives quantities and prices for each good produced in a simple economy in 2011 and 2012.

a) GDP in 2012 is

b) Nominal GDP in 2013 is

c) Assume that 2012 is the base year. Real GDP in 2013 is

d) Assume that 2012 is the base year. The GDP deflator for 2012 is

e) Assume that 2012 is the base year. The GDP deflator for 2013 is

f) The Inflation rate between 2012 and 2013 is