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Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator

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Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. (Year 2014 is the base year.) Price Price of Year Quantity of Quantity of strawberries strawberries of cream cream 2014 $1.25 100 $3.00 200 2015 $2.00 125 $3.50 400 2016 $3.00 150 $4.00 500 Year Nominal GDP Real GDP GDP deflator 2014 2015 $ $ 2016 $ $

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