Question
Product 2018 Quantity 2018 Price ($) 2019 Quantity 2019 Price ($) Beer 1 4 2 5 Chocolate 3 7 6 8 Using 2018 as the
Product 2018 Quantity 2018 Price ($) 2019 Quantity 2019 Price ($) Beer 1 4 2 5 Chocolate 3 7 6 8 Using 2018 as the base year answer the following questions: a. What was the nominal GDP in 2018 and 2019? (1 mark) b. What was the real GDP in 2018 and 2019? (1 mark) c. What was the GDP deflator in 2018 and 2019?
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The Economics of Public Issues
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
19th edition
134018974, 134018973, 9780134020532 , 978-0134018973
