Price of Quantity of cheese $5 Quantity of Wine Price of Year Cheese Wine 2018 2 Blocks $10 4 bottles 2019 $12 3 Blocks $17 3 bottles • Calculate the Nominal Gross Domestic Product Calculate the Real Gross Domestic Product, using 2018 as the base year • Calculate the GDP Deflator
Price of Quantity of cheese $5 Quantity of Wine Price of Year Cheese Wine 2018 2 Blocks $10 4 bottles 2019 $12 3 Blocks $17 3 bottles • Calculate the Nominal Gross Domestic Product Calculate the Real Gross Domestic Product, using 2018 as the base year • Calculate the GDP Deflator
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
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Year | Price of cheese | Quantity of cheese | Price of wine | Quantity of wine |
2018 | $5 | 2 | $10 | 4 |
2019 | $12 | 3 | $17 | 3 |
Let the price of cheese and price of wine in 2018 is denoted as and respectively. And price of cheese and price of wine in 2019 is denoted as and respectively.
Quantity of cheese and quantity of wine in 2018 is denoted as and .
Quantity of cheese and quantity of wine in 2019 is denoted as and .
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