Suppose production and prices of food and clothing (the only two goods produced in this economy) in 2006 and 2007 are as follows: (base year = 2006) rear Quantity of Food Price of Food Quantity of Clothing Price of Clothing 2006 20 2007 60 $15 15 5 $18 30 S6 Calculate: ) nominal and real GDP in 2006 and 2007. ) the GDP deflator i) the growth rate in real output.

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A:

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A: As there are multiple questions, answering first question. Kindly repost the other questions again.

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