POSSIBLE Given the following data, answer the following questions. Show all your work, clearly indicating the operations you are conducting. Assume that 2011 is the base year. Also assume that these are the only two goods produced, and that both are produced domestically, so that the coverage of the CPI and the GDP deflator is the same. PRICES QUANTITIES Good X Good Y Good X Good Y 2011 $ 50 $ 100 30 20 2012 $ 40 $ 110 20 30 15. Nominal GDP in 2011 is_ 16. Real GDP in 2011 is 17. Nominal GDP in 2012 is 18. Real GDP in 2012 is 19. The real GDP growth rate between 2011 and 2012 is 20. The rate of inflation between 2011 and 2012, as calculated by the GDP deflator, is 21. The rate of inflation between 2011 and 2012, as calculated by the CPI, would be #: 3500 #: 4100 : 4000 :: 14.29% :: -8.57% #: 8.57% #: 2.5% :: -2.5% #: -14.25%