Homework Answers
In 2014, real and nominal GDP would be same because it is the base year.
Real /nominal GDP in 2014= 100*1+3*200
=$700
So GDP deflator =( nominal GDP/ real GDP)*100
=700/700*100=100
In 2015 , nominal GDP= price in 2015* quantity in 2015
= 125*2+$3.50*400
=$ 1650
In 2015, real GDP= price in 2014* quantity of 2015
= 125*1+400*3
=$ 1325
GDP deflator in 2015=( 1650/1325)*100
= 124.53
In 2016 , nominal GDP = price in 2016*quantity in 2016
= $150*3+500*4
=$2450
In 2016, real GDP = price in 2014* quantity in 2016
= 150*1+500*3
= 1650
GDP deflator in 2016= (2450/1650)*100
= 148.48
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