The data below shows the production statistics for a two sector economy in 2018 and 2019.
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Question:
- The data below shows the production statistics for a two sector economy in 2018 and 2019.
2018
Items | P | Q |
Bread | $3.00 | 120 loaves |
Flour | $1.50 | 800 lbs |
Rice | $1.20lb | 600 lbs |
2019
Items | P | Q |
Bread | $3.10 | 100 loaves |
Flour | $1.10 | 750 lbs |
Rice | $1.15lb | 900 lbs |
- Calculate GDP in current prices for 2018 and 2019.
- Using 2019 as the base year calculate real GDP for 2018 and 2019.
- What is the percentage change in GDP in current prices for 2018 to 2019.
- What is the percentage change in GDP in real prices for 2018 to 2019.
- What is the value of the deflators for 2018 and 2019.
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