2. Based on the table below: (3 points)
Year
2015
2016
2017
...
2. Based on the table below: (3 points)
Year
2015
2016
2017
Price of bread
1$
1.5$
3$
Quantity of bread
1000
1500
1800
Price of corn
10$
12$ 8$
Quantity of corn
200
400
500
a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2015 as the base
year.
Basics of Business and Economics
Quiz N3
b) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017
from the preceding year. c) Did economic well-being rise in 2017 compared to previous year? Explain.
Answers: 1
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