Part 1)

In 2020, the country produced 16 machinery and 40 services.

In 2020, the machinery price was Pm_2020 = 90, and of services, Ps_2020 = 44.

In 2019, the machinery price was Pm_2019 = 72, and of services Ps_2019 = 39.

Calculate the nominal GDP of 2020.

Part 2 )

The GDP of 2019 was 2607, and the country made 14 machinery. In your worksheet, find how many services the country produced.

Part 3)

Adopt 2019 as the base year.

Find the real GDP of 2020.

Part 4)

find the GDP deflator.

Part 6)

Given that 2019 is the base year, is the value of $2607 real or the nominal GDP?

a. nominal

b. real

c. neither

d. both

Part 7)

Find the growth rate of the economy through 2019. Please report it here in percentages.