Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica. Year Real GDP GDP deflator year 1 $20,597 122 year 2 $20,587 113 year 3 $30,967 100 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. What is the nominal GDP for year 1? year 1: S What is the nominal GDP for year 27 year 2: $ What is the nominal GDP for year 3? year 3: S

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
icon
Related questions
Question
f20
Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica.
Year
Real GDP
GDP deflator
year 1
S20,597
122
year 2
S20,587
113
year 3
$30.967
100
The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the
nearest dollar.
What is the nominal GDP for year 1?
year 1: $
What is the nominal GDP for year 27
year 2: $
What is the nominal GDP for year 3?
year 3: S
Transcribed Image Text:f20 Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Economica. Year Real GDP GDP deflator year 1 S20,597 122 year 2 S20,587 113 year 3 $30.967 100 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. What is the nominal GDP for year 1? year 1: $ What is the nominal GDP for year 27 year 2: $ What is the nominal GDP for year 3? year 3: S
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Growth Rate of GDP
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning