What was the nations nominal gdp for the year 2011

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Reference no: EM13210372

Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per orange.

a.) What was this nation's nominal GDP for the year 2010?

b.) What was this nation's nominal GDP for the year 2011?

c.) Using 2010 as the base year, what was this nation's real GDP for the year 2011 (i.e. what was GDP for 2011 when expressed in 2010's prices)?

d.) Calculate the GDP deflator for this nation in the year 2011.

Reference no: EM13210372

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