Question 1

Item	2017			2018			2019
	Quantity	Price		Quantity	Price		Quantity	Price
iPhones	2300	950		2450	950		2475	1050
Burgers	1100	4		1150	3.75		1150	3.50
Paper	3400	1.50		5200	1.55		4800	1.70
Gas	45000	1.45		48000	1.55		48600	1.50
Coats	3000	75		2800	75		2900	85

	Your answer and calculations	Marks
What is nominal GDP in 2017		1
What is real GDP in 2017		1
What is nominal GDP in 2018		1
What is real GDP in 2018		1
What was the GDP Deflator in 2018		1
Was there any inflation between 2017 and 2018? If so how much?		1
What is nominal GDP in 2019		1
What is real GDP in 2019		1
What was the GDP Deflator in 2019		1
Was there any inflation between 2018 and 2019? If so how much?		1

Question 2

In the space provided below, you are asked to follow a series of instructions:

1. In a carefully labelled diagram, draw an economic equilibrium in the classical range of the aggregate supply curve.

1. Describe a situation that would cause the AS curve to shift to the left.

1. Draw the new AS curve in your diagram above and mark the new equilibrium.