Calculate nominal and real gdp

Reference no: EM13884638

For 2002 Kwakian economy had the following nominal quantities (in billions of dollars) and price indexes (1997 = 100) for each category of expenditure:

	nominal value	Price Index
Consumption	423.1	125.1
Fixed investment	112.0	111.0
Government purchases	165.8	123.2
Exports	180.4	100.9
Imports	186.7	97.2
Change in inventories	-3.28	111.0

a. Calculate the real quantity for each category (to one decimal point).

b. Calculate nominal and real GDP.

c. Find the implicit price deflator (1997 = 100).

Reference no: EM13884638

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