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1. An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2016 and 2017 are as follows: Goods 2016 2017 Quantity Price Quantity Price Cars 10 $2,000 12 $3,000 Computers 4 $1,000 6 $500 Oranges 1,000 $1 1,000 $1 a. What is nominal GDP in 2016 and in 2017? b. Using 2016 as the base year (i.e., using the prices for 2016 as the set of common prices), what is real GDP in 2016 and in 2017? c. What is the value of GDP deflator for 2016? d. Compute i) the GDP deflator for 2017 and ii) the rate of inflation from 2016 to 2017