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B4). The economy of Great Southern Land relies on the production of two commodities: the precious mineral Scomorrissium and the invaluable crop Albaneseola. In 2018
B4). The economy of Great Southern Land relies on the production of two commodities: the precious mineral Scomorrissium and the invaluable crop Albaneseola. In 2018 it produced 1 ton of Scomorrissium valued at $1 million but a raging bushre season reduced the harvest of Albaneseola to 1,000 tons valued at $2,000 per ton. In 2019 it again produced 1 tonne of Scomorrissium but the price had doubled. Good rains doubled the harvest of Albaneseola but the price stayed the same. {i} what was the value of nominal GDP in 2018? (ii) what was the value of nominal GDP in 2019? (iii) what was the percentage increase in real GDP (using 2018 prices) in 2019? (iv) what was the ination rate in 2019 (GDP deflator}
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