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Consider an economy that produces only two goods: strawberries and cream. Use the table below to compute nominal GDP real GDP. and the GOP deflator
Consider an economy that produces only two goods: strawberries and cream. Use the table below to compute nominal GDP real GDP. and the GOP deflator for each year 2014 is the base year (Unless it is a whole number round your answer to two decimal places.) Price of Quantity cream of cream Price of Quantity of Year strawberries strawberries 2014 $0.75 100 2015 $2.00 125 2016 $3.00 $3.00 200 $3.50 $4.00 400 500 150 Year GDP deflator Nominal GDP 5 Real GDP $ 2014 Quantity of cream Year Quantity of strawberries 100 Price of cream $3.00 Price of strawberries 2014 $0.75 2015 $2.00 2016 $3.00 200 400 125 $3.50 150 $4,00 500 Real GDP GDP deflator Year Nominal GDP 5 5 2014 $ $ 2015 5 5 2016
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