201520162017 PQPQPQOnion1,24001,56002,5400Tomato13202,52004400Pepper45012501450Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this,Calculate nominal GDP for each yearCalculate real GDP for each yearCalculate the growth rate for the years 2016 and 2017Calculate the inflation in 2016 and 2017 by using GDP deflator

Nominal GDP (NGDP) = sum of (current year price x current year quantity) Real GDP (RGDP) = sum of…

Answered: 2015 2016 2017 P Q P Q P Q…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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	2015	2016	2017
	P	Q	P	Q	P	Q
Onion	1,2	400	1,5	600	2,5	400
Tomato	1	320	2,5	200	4	400
Pepper	4	50	12	50	14	50

Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this,
Calculate nominal GDP for each year
Calculate real GDP for each year
Calculate the growth rate for the years 2016 and 2017
Calculate the inflation in 2016 and 2017 by using GDP deflator

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