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Number 1.
Year Price ofGood 1 Quantity ofGood 1 Price ofGood 2 Quantity ofGood 22006 $2 5 $4 102007 $4 10 $8 5
The table above shows the prices and quantities of two goods produced in a country in 2006 and 2007. These are the only goods produced in the country. What is the nominal GDP in 2007?
a. $40b. $80c. $100d. $200
Number 2. Consider the data in Question 1 above. What is the real GDP in 2007 (base year = 2006)?
Number 3.
Consider the data in Question 1 above. What is the GDP deflator in 2007 (base year = 2006)?
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