Consider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010Price of Automobiles $ 5000 $ 6000Price of a loaf of bread $10 $20Number of automobiles produced 100 120Number of loaves of bread produced 500,000 400,000 Using the year 2005 as a base year, a. Calculate the nominal and real GDP of 2010. b. Find the value of GDP Deflator for the year 2010 and interpret. c. Calculate the inflation rate in 2010.

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A: GDP DEFLATOR = NOMINAL GDPREAL GDP×100Inflation Rate = Gdp Deflatort - Gdp Deflatort-1Gdp…

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