Question 4: Nominal and Real GDP Nominal GDP Population Nominal Real Rate of GDP deflator Per GDP real Capita output GDP growth Year Year 1 50000 125 132 Year 2 78000 150 148 Year 3 105000 160 181 Question 5: NGDP, RGDP and GDP deflator Units Prices Widgets Chalk Gizmos Widgets Chalk Gizmos Year 360 85 1,300 55.00 0.08 8.00 1 Year 570 95 800 60.00 0.05 12.00 2