Good Laptops Bread Year 2000 2010 Quantity Price Quantity Price 100 $2,000 500 $3,000 500,000 $10...

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Good Laptops Bread Year 2000 2010 Quantity Price Quantity Price 100 $2,000 500 $3,000 500,000 $10 400,000 $20 Using the year

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Answer 1

Answer #1

1) Nominal GDP = Current year price* Current year quantity

= 500*3000 + 400,000*20

= 1,500,000 + 8,000,000

= $9,500,000

2) Real GDP = Base year price* Current year quantity

= 500*2000 + 400,000*10

=1,000,000 + 4,000,000

= $5,000,000

3) GDP Deflator = Nominal GDP/Real GDP

=9,500,000/5,000,000

= 1.9

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Answer 2

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