The following table contains information about an economy that produces only rice and beans. The base year is 2011. Using the table above, what is the value of GDP deflator for 2011? Yoar Price of Quantity of Rice Price of Beans Quantity of Beans Rice 2011 $2 100 $5 50 2012 $2 120 $6 70 2013 $3 120 $8 70 s90 O 660 O 450 100

The following table contains information about an economy that produces only rice and beans. The base year is 2011. Using the table above, what is the value of GDP deflator for 2011? Yoar Price of Quantity of Rice Price of Beans Quantity of Beans Rice 2011 $2 100 $5 50 2012 $2 120 $6 70 2013 $3 120 $8 70 s90 O 660 O 450 100

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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