A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2019. (Please write the calculation details) (1) What were this country's nominal GDP in 2018, 2019 and 2020? (2) What were this country's real GDP in 2018, 2019 and 2020? (3) What were this country's GDP deflator in 2018, 2019 and 2020?

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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A hypothetical country of Lahland produces only
movies and popcorn. Quantities and prices of these
goods for the last several years are shown below. The
base year is 2019. (Please write the calculation details)
(1) What were this country's nominal GDP in 2018, 2019
and 2020?
(2) What were this country's real GDP in 2018, 2019
and 2020?
(3) What were this country's GDP deflator in 2018,
2019 and 2020?
Transcribed Image Text:A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2019. (Please write the calculation details) (1) What were this country's nominal GDP in 2018, 2019 and 2020? (2) What were this country's real GDP in 2018, 2019 and 2020? (3) What were this country's GDP deflator in 2018, 2019 and 2020?
Prices and Quantities
Quantity of
Movies
Quantity of
Popcorn
Year
Price of e
Price of
Movies
Popcorn
2018
2019
$10.00
400
$5
800
$11.00e
500
$4
900
2020
$12.00
600
$5
1000
Transcribed Image Text:Prices and Quantities Quantity of Movies Quantity of Popcorn Year Price of e Price of Movies Popcorn 2018 2019 $10.00 400 $5 800 $11.00e 500 $4 900 2020 $12.00 600 $5 1000
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