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The Next Four Questions Refer to the Following Price and Output

Question 1

Essay

The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good.Assume that year 2 is the base year. The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good.Assume that year 2 is the base year. (a) If year 2 is the base year, give the price index for year 3.(b) Give the nominal GDP for year 4.(c) What is the real GDP for year 4? (d) Tell which years you would deflate nominal GDP and which years you would inflate nominal GDP in finding real GDP. (a) If year 2 is the base year, give the price index for year 3.(b) Give the nominal GDP for year 4.(c) What is the real GDP for year 4?
(d) Tell which years you would deflate nominal GDP and which years you would inflate nominal GDP in finding real GDP.

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