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Hello. I would like to know the answer to question D. It's confusing me. What is real GDP? Nominal GDP & deflator GDP? 2010 2011

Hello. I would like to know the answer to question D. It's confusing me. What is real GDP? Nominal GDP & deflator GDP?

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2010 2011 2012 2013 Factor income from abroad 500 400 350 500 Gross Investment 1230 1500 1550 1450 Factor income paid to abroad 100 80 150 130 Household Consumption 3200 3300 3150 3450 Net Domestic Product 4300 3200 3600 4200 Gross National Product 7000 7300 7700 8000 Average Price 2100 2300 2400 2500 a) Based on the table above, compute the GDP for each year b) If the computed GDP is at market price and in the year of 2010, Indirect Tax = 200 and Subsidy = 300, compute the GDP at factor cost for that year c) Given that country A is a closed economy, compute the Government Spending for each year d) From (a) above, compute the real GDP for each year by taking 2010 as the base year. e) Explain the THREE (3) methods of calculating GDP. (Note : You should justify how each method relates to GDP which is defined as the total value of output produced domestically for a specified period of time.) f) Explain FOUR (4) weakness in GDP computation

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