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Consider a simple economy that produces two goods: apples and erasers. The following table shows the prices and quantities of the goods over a three-year
Consider a simple economy that produces two goods: apples and erasers. The following table shows the prices and quantities of the goods over a three-year period. Apples E rasers Price Quantity Price Quantity Year (Dollars per apple) ( Number of apples) (Dollars per eraser) ( Number of erasers) 20 16 2 1 1 5 S 175 20 1 7 4 1 50 2 180 2013 1 100 2 150 Use the information from the preceding table to ll in the following table. Nominal GDP Real GDP Year (Dollars) ( Base year 2016, dollars) GDP Deflator
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