please answer part a-d using the data given below following data for Bacon County, Georgia, an area that produces only two products: firewood and cattle.   a. The nominal GDP in 2017 in Bacon County is: 760 420 1140 1450 b. Real GDP for Bacon County for 2017 using 2007 as the base year equals 1450 690 420 560 c. What is the GDP deflator in 2017, using 2007 as the base year? 131.825 126.19 73.68 165.22 d. Assume the average annual CPI values for 2010 and 2014 were 225 and 256, respectively. What was the inflation rate for 2014 according to the CPI? 13.8% 12.1 15.6% 31.0%

ENGR.ECONOMIC ANALYSIS
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please answer part a-d using the data given below

following data for Bacon County, Georgia, an area that produces only two products: firewood and cattle.

 

a. The nominal GDP in 2017 in Bacon County is:

760
420
1140
1450
b. Real GDP for Bacon County for 2017 using 2007 as the base year equals
1450
690
420
560
c. What is the GDP deflator in 2017, using 2007 as the base year?
131.825
126.19
73.68
165.22
d. Assume the average annual CPI values for 2010 and 2014 were 225 and 256, respectively. What was the inflation rate for 2014 according to the CPI?
13.8%
12.1
15.6%
31.0%
Firewood
Price of
Cattle
Price of
Year
Produced Firewood Produced
Cattle
2007
80
5
40
4
2017
90
6
60
10
Transcribed Image Text:Firewood Price of Cattle Price of Year Produced Firewood Produced Cattle 2007 80 5 40 4 2017 90 6 60 10
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