a. Using the following table to calculate GDP price deflator in 2021 and 2022, and the change in overall price level from 2021 to 2022 nominal GDP in 2021 was $104,000 in 2022 was $112,000 real GDP in 2021 was $84,000 and in 2022, $88,000 b. Consider an economy, only producing two good Apple and orange in both year one need to Ken the real GDP of this economy, increase between one and two, while the nominal GDP decreases or remain the same explain your answer with a numerical example

Essentials of Economics (MindTap Course List)
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ISBN:9781337091992
Author:N. Gregory Mankiw
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Chapter15: Measuring A Nation's Income
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a. Using the following table to calculate GDP price deflator in 2021 and 2022, and the change in overall price level from 2021 to 2022 nominal GDP in 2021 was $104,000 in 2022 was $112,000 real GDP in 2021 was $84,000 and in 2022, $88,000 b. Consider an economy, only producing two good Apple and orange in both year one need to Ken the real GDP of this economy, increase between one and two, while the nominal GDP decreases or remain the same explain your answer with a numerical example

 

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