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Calculate the nominal and real gdp of 2010

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Reference no: EM132661278

Consider an economy that produces and consumes bread and automobile.

Data for the different year 2005 and 2010 is given in the following table.

Year 2005 2010

Price of automobile 5000 6000

Price of loaf of bread 10 20

Number of automobiles 100 120

produced

Number of loaves of bread 500000 400000

produced

Using the year 2005 as a base year,

A.Calculate the nominal and real GDP of 2010

B. Find the value of GDP Deflator of the year 2010 and interpret

C. Calculate the inflation rate in 2010

Reference no: EM132661278

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