9 (of 10) value: 1000 points Based on the table below, calculate nominal GDP, re

Question

9 (of 10) value: 1000 points Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing perts of the table. Use 2010 as the bese yea Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and infation rate values to the nearest whole number. Price of of Real of beach beach ball GOP () GDP () dfiator rate 2010 2011 2012 1.00 1.50 1.65 5.00 7.50 8.25 900 750 1,000 Learning difference between real and and calculate the GDP deflator. Numeric Response 07-04 Explain the MacBook Air

Explanation / Answer

Year Qorange Porange Qbeach ball Pbeach ball Nominal GDP Real GDP GDP deflator Inflation 2010 500 1 850 5 4750 4750 100 2011 600 1.5 900 7.5 7650 5100 150 50 2012 750 1.65 1000 8.25 9487.5 5750 165 15 Nominal GDP = (Porange*Qorange)+(Pbeach ball*Qbeach ball) Real GDP = (Porange)2010*Qorange)+(Pbeach ball)2010*Qbeach ball) GDP deflator =(Nominal GDP/Real GDP)*100 Inflation = Change in GDP deflator.

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