Question: Assignment 3: Calculating GDP and the GDP Deflator 1. Use the data below to calculate nominal GDP, real GDP, and the implicit price (or GDP)

Assignment 3: Calculating GDP and the GDP Deflator 1. Use the data below to calculate nominal GDP, real GDP, and the implicit price (or GDP) deflator. 2010 2015 2020 Good Quantity Price Quantity Price Quantity Price Appliances 250 $1,500 300 $1,750 325 $2,250 Cars 400 $27,500 500 $30,000 700 $32,500 Financial Services 800 $4,000 900 $6,500 950 $8,000 Implicit Price Year Nominal GDP Real GDP ($ 2010) Deflator 2010 2015 2020

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