economics questions

Suppose that you are provided with the following information Prices Butter Cars Oil Quantities Butter Cars Oil 2003 1.0 500 100 2003 500 300 700 2004 1.0 550 150 2004 500 350 750 2005 1.2 600 140 2005 480 400 770 Q: Assuming that the economy produces these three and only these three goods, calculate nominal GDP for 2004. Answer:Assume that 1980 is the base year. Given macroeconomic conditions in the United Kingdom over the past three decades, we know that: Select one: O a. None of the available options is correct O b. real GDP was larger than nominal GDP from 2002 to 2008 O c. real GDP and nominal GDP were equal in 1980 O d. real GDP and nominal GDP would be equal for the entire period O e. nominal GDP is always smaller than the real GDP since 1980Suppose that you are provided with the following information Prices Butter Cars Oil Quantities Butter Cars Oil 2003 1.O 500 100 2003 500 300 700 2004 1.0 550 150 2004 500 350 750 2005 1.2 600 140 2005 480 400 770 Calculate the inflation rate from 2003 to 2004 using the GDP deflator (i.e. present the result as a percentage and two decimal places). Assume 2003 as the base year. Answer:An economy produces only the three goods below. rices and quantities for 2016 and 2017 are as follows: 2016 2017 Quantity Price Quantity Price Cars 10 2000 12 3000 Computers 4 1000 6 500 Oranges 1000 1 1000 1 What is the real GDP for 2017, using 2016 as the base year? Answer:Suppose that you are provided with the following information Prices Butter Cars Oil Quantities Butter Cars Oil 2003 1.0 500 100 2003 500 300 700 2004 1.0 550 150 2004 500 350 750 2005 1.2 600 140 2005 480 400 770 Assuming that the economy produces these three and only these three goods, what is the 2004 real GDP with base year 2003