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Calculate nominal gdp for 2019 and 2020

Assignment Help Business Economics
Reference no: EM133133794

Using the data in the table below, to complete the tasks for this question.

 

Data for 2019 (Base Year)

Data for 2020 

 

Quantity

Price

Quantity

Price

Potato

600

2.50

680

3.00

Rice

840

2.00

800

2.80

Computers

500

850

450

950

Cars

300

15,000

200

18,000
  1. Calculate Nominal GDP for 2019 and 2020. Show your workings.
  2. Calculate Real GDP for 2019 and 2020.  Show your workings.
  3. Calculate the GDP Deflator. Show your workings
  4. Identify 2 possible exclusions to GDP and discuss why they have to be excluded. 

Reference no: EM133133794

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