2019                           2020 Commodities            Price       Quantity        Price      Quantity A                                   3              30                 5              25 B                                   4              20                 5              30 C                                  20             18                25             25 a) Using the data given above, compute the Nominal and Real GDP for 2019, and 2020. (The base year is 2019).  b) Compute the inflation rate for the year 2020 by using the GDP deflator.

ECON MACRO
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ISBN:9781337000529
Author:William A. McEachern
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Chapter7: Unemployment And Inflation
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                                          2019                           2020
Commodities            Price       Quantity        Price      Quantity
A                                   3              30                 5              25
B                                   4              20                 5              30
C                                  20             18                25             25
a) Using the data given above, compute the Nominal and Real GDP for 2019, and 2020. (The base year is 2019). 


b) Compute the inflation rate for the year 2020 by using the GDP deflator. 

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