Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation...

 

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Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Year 2016 2017 2018 Price of Quantity of Price of beach balls 875 900 1000 Quantity of orange ($) 1.00 1.50 1.65 oranges 500 800 750 beach ball Nominal GDP Real GDP ($) ($) ($) 6.00 7.75 8.25 GDP deflator Inflation rate (%) Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Year 2016 2017 2018 Price of Quantity of Price of beach balls 875 900 1000 Quantity of orange ($) 1.00 1.50 1.65 oranges 500 800 750 beach ball Nominal GDP Real GDP ($) ($) ($) 6.00 7.75 8.25 GDP deflator Inflation rate (%)

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Write the formula used for calculations as follows Nominal GDP Quantity of output x Price per ... View the full answer