In a small economy two goods are produced: meat and potatoes. Assume the following values: Year Price meat Produced Price potatoes Produced quantity quantity meat potatoes 2017 10 25 2018 12 7 27 2019 4 11 8 26 A) Calculate the nominal GDP for 2018 and 2019 ( B) Calculate the real GDP for 2018 and 2019 with 2017 as the base year C) Calculate the GDP deflator for 2018 and 2019 (!

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Chapter5: Measuring A Nation's Income
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In a small economy two goods are produced: meat and potatoes. Assume the following
values:
Year
Price meat
Produced
Price potatoes
Produced quantity
quantity meat
potatoes
2017
10
25
2018
3
12
7
27
2019
4
11
8
26
A) Calculate the nominal GDP for 2018 and 2019 (
B) Calculate the real GDP for 2018 and 2019 with 2017 as the base year
C) Calculate the GDP deflator for 2018 and 2019 (
D) Calculate the growth rate of nominal GDP as well as real GDP from 2019 compared to the
previous year. (r
Transcribed Image Text:In a small economy two goods are produced: meat and potatoes. Assume the following values: Year Price meat Produced Price potatoes Produced quantity quantity meat potatoes 2017 10 25 2018 3 12 7 27 2019 4 11 8 26 A) Calculate the nominal GDP for 2018 and 2019 ( B) Calculate the real GDP for 2018 and 2019 with 2017 as the base year C) Calculate the GDP deflator for 2018 and 2019 ( D) Calculate the growth rate of nominal GDP as well as real GDP from 2019 compared to the previous year. (r
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