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?
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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