Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Year 2016 2017 2018 Quantity of Price of Quantity of oranges orange ($) beach balls 600 1.00 600 1.50 700 1.50 850 950 1200 Price of beach ball Nominal GDP ($) ($) 4.00 7.50 7.75 Real GDP ($) GDP deflator Inflation rate (%)
Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Year 2016 2017 2018 Quantity of Price of Quantity of oranges orange ($) beach balls 600 1.00 600 1.50 700 1.50 850 950 1200 Price of beach ball Nominal GDP ($) ($) 4.00 7.50 7.75 Real GDP ($) GDP deflator Inflation rate (%)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 5PA
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Transcribed Image Text:Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing
parts of the table. Use 2016 as the base year.
Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest
whole number.
Year
2016
2017
2018
Quantity of Price of Quantity of
oranges orange ($) beach balls
600
600
700
1.00
1.50
1.50
850
950
1200
Price of
beach ball
($)
4.00
7.50
7.75
Nominal GDP
($)
Real GDP ($) GDP deflator
Inflation
rate (%)
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