6) Assume an economy consists of only the three items below. Determine the Real and Nominal GDP growth for 2020. Also, provide the GDP deflator for both years. Feel free to provide you answers in the data table. Also, this data is in the Files section as an Excel file titled "GDP Nominal Real Assignment Data", which can be linked to here as well: GDP Nominal Real Assignment Data.xlsx

Download GDP Nominal Real Assignment Data.xlsx

		2020	2020	2020
Item	Unit of Measure	Units (Billions)	$ Value (billions)	Price Level
Legal Advice	Hours	2.765	$1,106	$400.00
Coffee	Cups	146.000	$329	$2.25
Software	Units	0.224	$280	$1,250.00
SUB TOTAL			$1,715
		2012	2012	2012
Item	Unit of Measure	Units (Billions)	$ Value (billions)	Price Level
Legal Advice	Hours	2.469	$940
Coffee	Cups	126.957	$254
Software	Units	0.207	$247
SUB TOTAL			$1,441
		2020	2012	2020
Item	Unit of Measure	Units (Billions)	Price Level	Real $ Value (Billions)
Legal Advice	Hours	2.765
Coffee	Cups	146
Software	Units	0.224
SUB TOTAL
		2019	2019	2019
Item	Unit of Measure	Units (Billions)	$ Value (billions)	Price Level
Legal Advice	Hours	2.724	$1,079	$396.04
Coffee	Cups	141.062	$308	$2.18
Software	Units	0.221	$274	$1,237.62
SUB TOTAL			$1,660
		2019	2012	2019
Item	Unit of Measure	Units (Billions)	Price Level	Real $ Value (Billions)
Legal Advice	Hours	2.724
Coffee	Cups	141.062
Software	Units	0.221
SUB TOTAL
	2019	2020
Item	Real $ Value (Billions)	Real $ Value (Billions)	Real Growth
Legal Advice	$0	$0
Coffee	$0	$0
Software	$0	$0
SUB TOTAL	$0	$0
	2019	2020
Item	Nominal $ Value (Billions)	Nominal $ Value (Billions)	Nominal Growth
Legal Advice	$1,079	$1,106
Coffee	$308	$329
Software	$274	$280
SUB TOTAL	$1,660	$1,715
2019 GDP Deflator
2020 GDP Deflator
2012 GDP Deflator
% Diff GDP Defl. 2020 vs 2019
Nom Growth vs Real Growth