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Question 1 Prices and Quantities Year Price of Quantity of Price of Quantity of Donuts Donuts Apples Apples 2019 $4.00 100 $2.00 180 2020 $5.00
Question 1 Prices and Quantities Year Price of Quantity of Price of Quantity of Donuts Donuts Apples Apples 2019 $4.00 100 $2.00 180 2020 $5.00 120 $2.50 200 2021 $6.00 150 $3.50 200 Refer to the above table and answer the following questions. i) Calculate the nominal GDP for 2019, 2020 and 2021. (3 marks) ii) Calculate the real GDP for 2019, 2020 and 2021 by using 2019 as the base year. (3 marks) ini) Calculate the GDP deflator for 2020 and 2021 and determine the economy's inflation rate between 2019 and 2020, and the inflation rate between 2020 and 2021. (4 marks)
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