The following table contains information about an economy that produces only rice and beans.
The following table contains information about an economy that produces only rice and beans. The base year is 2011.
Homework Answers
Answer:
100.
explanation:
GDP deflator=(Nominal GDP/ real GDP)*100
=(450/450)*100
=100.
nominal GDP=Price of the current year* quantity of current year
=(2*100)+(5*50)
=200+250
=450.
Real GDP= Base year price* current year quantity
=(2*100)+(5*50)
=200+250
=450.
Note: GDP deflator for the base year is always equals to 100.
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The following table contains information about an economy that produces only rice and beans.
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