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Compute nominal GDP, GDP deflator and real GDP in 2010

Consider an economy which capable to produces and consumes bread and automobiles. Sales and price data for these products for two different years are shown below:

Year 2000           Year 2010

Price of an automobile                                                                                  $50 000               $60 000

Price of a loaf of bread                                                                                  $10                       $20

Number of automobiles capable to produced                                                100 cars                120 cars

Number of loaves of bread capable to produced                                           500 000 loaves     400 000 loaves

a)      Illustrate what is the nominal GDP in 2000 and 2010?

b)      Using the year 2000 as the base year, Compute the real GDP in 2010?

c)      Illustrate what is the GDP deflator in 2010?

d)      Illustrate what is the inflation rate among 2000 and 2010?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917043

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