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Consider an economy producing only three goods:shoes,apples and books.The following table

By March 4, 2022No Comments

Consider an economy producing only three goods:shoes,apples and books.The following tablepresents the production and price data for each good from 2016 to 2019.2016201720182019GoodQuantityPriceQuantityPriceQuantityPriceQuantityPriceShoes100$50110$50150$60175S70Apples15$418$720S833S10Books43$1050$1255S1460S16(a)Calculate nominal GDP for each year.What is the percentage increase of nominal GDPin each year compared to the previous year?(b)Assume 2016 is the base year.Find real GDP for each year.By what percentage does realGDP change in each year over the period of 2016 to 2019?(c)Find the GDP deflator for each year.By what percentage does the price level change ineach year?(d)For each year in this economy,specify whether the percentage changes in nominal GDPare more due to the increase in prices of increases in the physical volume of output.

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