Attempts Average / 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $2. In year 2, the quantity produced is 5 bars and the price is $4. In year 3, the quantity produced is 7 bars and the price is $6. Using year 1 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Year Year 1 Year 2 Year 3 Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator The percentage growth rate of real GDP from year 2 to year 3 is % The inflation rate as measured by the GDP deflator from year 2 to year 3 is