Compute nominal gdp, real gdp and the gdp deflator

Reference no: EM133711908

Question: Suppose that a small nation produces and consumes only two goods, as shown in this table. Bread Quantity 80 100 90 Price $3 $5 $7 2018 2019 2020 Quantity 130 110 150 Price $2 $3 $4 Egg Task 3 A Compute nominal GDP, real GDP and the GDP deflator for each year, using 2018 as the base year.

B. Using 2018 as the base year, compute the percentage change in nominal GDP and real GDP in 2019 and 2020.

Task 4 C. Compute nominal GDP, real GDP and the GDP deflator for each year, using 2020 as the base year.

D. Using 2020 as the base year, compute the percentage change in nominal GDP and real GDP in 2019 and 2020.

Reference no: EM133711908

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