Homework Answers
Answer
Nominal GDP =sum of ( quantity of the current year * price of the
current year)
NGDP in 2014=0.75*100+3*200=675
NGDP in year 2015=2*125+3.5*400=1650
NDGP in 2016=3*150+4*500=2450
Real GDP =sum of (quantity of currnet year * price of base
year)
base year =2014 as the GDP deflator is 100 which is corret from the
given anwer table
RGDP in 2014=0.75*100+3*200=675
RGDP in 2015=0.75*125+3*400=1293.75=1293.8
RGDP in 2016=0.75*150+3*500=1612.5
GDP deflator =(NGDP/RGDP)*100
GDP deflator in 2014=(675/675)*100=100
GDP deflator in 2015=(1650/1293.75)*100=127.536232=127.5
GDP deflator in 2016=(2450/1612.5)*100=151.937984=151.9
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