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In year 1 and year 2, an economy produces computers and bread. No intermediate goods. In year 1, 20 computers are produced and sold each for $1000. In year 2, 25 computers were sold at $1500 each. In year 1, 10,000 loaves of bread are sold at a price of $1 each. And in year 2, 12,000 loaves are sold at a price of $1.1 each.
(a) Calculate nominal GDP in each year.
(b) Find the growth rate of nominal GDP.
(c) Calculate real GDP using year 1 as base.
(d) Find the growth rate of real GDP using year 1 as base.
(e) Find the deflator.
(f) Calculate real GDP using year 2 as base.
(g) Find the growth rate of real GDP using year 2 as base.
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