Homework Answers
Ans. 4. Nominal GDP
1) Nominal GDP in 2017 = Price of Milk x Quantity of Milk + Price of Honey x Quantity of Honey
= $2 x 100 + $4 x 200
= $1000
2) Nominal GDP in 2018 = Price of Milk x Quantity of Milk + Price of Honey x Quantity of Honey
= $4 x 100 + $4 x 210
= $1240
3) Nominal GDP in 2019 = Price of Milk x Quantity of Milk + Price of Honey x Quantity of Honey
= $4 x 120 + $6 x 220
= $1800
Real GDP - 2019 as a base year
1) Real GDP in 2017 = Price of Milk in 2019 x Quantity of Milk in 2017 + Price of Honey in 2019 x Quantity of Honey in 2017
= $4 x 100 + $6 x 200
= $1600
2) Real GDP in 2018 = Price of Milk in 2019 x Quantity of Milk in 2018 + Price of Honey in 2019 x Quantity of Honey in 2018
= $4 x 100 + $6 x 210
= $1660
3) Real GDP in 2019 = Price of Milk in 2019 x Quantity of Milk in 2019 + Price of Honey in 2019 x Quantity of Honey in 2019
= $4 x 120 + $6 x 220
= $1800
GDP Deflator
1) GDP Deflator for 2017 = Nominal GDP in 2017/ Real GDP in 2017 x 100
= $1000/$1600 x 100
= 62.5
2) GDP Deflator for 2018 = Nominal GDP in 2018/ Real GDP in 2018 x 100
= $1240/$1660 x 100
= 74.70
3) GDP Deflator for 2019 = Nominal GDP in 2019/ Real GDP in 2019 x 100
= $1800/$1800 x 100
= 100
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