Jse the information from the previous table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2014, dollars) GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP and real GDP

Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter10: Measuring A Nation's Income
Section: Chapter Questions
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Consider a simple economy that produces two goods: apples and envelopes. The following
able shows the prices and quantities of the goods over a three-year period.
Apples
Envelopes
Quantity
(Number of apples) (Dollars per envelope)
Price
Quantity
(Number of envelopes)
Price
Year
(Dollars per apple)
2014
125
155
2015
4
135
210
2016
125
165
Use the information from the previous table to fill in the following table.
Nominal GDP
Real GDP
Year
(Dollars)
(Base year 2014, dollars)
GDP Deflator
2014
2015
2016
From 2015 to 2016, nominal GDP
and real GDP
The inflation rate in 2016 was
Transcribed Image Text:Consider a simple economy that produces two goods: apples and envelopes. The following able shows the prices and quantities of the goods over a three-year period. Apples Envelopes Quantity (Number of apples) (Dollars per envelope) Price Quantity (Number of envelopes) Price Year (Dollars per apple) 2014 125 155 2015 4 135 210 2016 125 165 Use the information from the previous table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2014, dollars) GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP and real GDP The inflation rate in 2016 was
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