The table below gives data for a small economy in which there are two final goods...

 

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The table below gives data for a small economy in which there are two final goods included in GDP: good X and good Y. Given the following data, answer the following questions. Show all your work, clearly indicating the operations you are conducting. Good X Y 2019 2018 40 $10 50 $20 a. Calculate nominal GDP for each of these years. Nominal GDP 2019:_ Real GDP 2019:_ Production 2018 50 40 b. Calculate real GDP for each for each of these years. Use 2018 as the base year. c. Calculate the GDP deflator for 2019. Deflator 2019: Prices Inflation Rate: 2019 $15 $30 d. Calculate the inflation rate between 2018 and 2019. CPI 2019: e. Consider again the above table. Using 2018 as the base year, calculate a consumer price index for each year. CPI 2018: The table below gives data for a small economy in which there are two final goods included in GDP: good X and good Y. Given the following data, answer the following questions. Show all your work, clearly indicating the operations you are conducting. Good X Y 2019 2018 40 $10 50 $20 a. Calculate nominal GDP for each of these years. Nominal GDP 2019:_ Real GDP 2019:_ Production 2018 50 40 b. Calculate real GDP for each for each of these years. Use 2018 as the base year. c. Calculate the GDP deflator for 2019. Deflator 2019: Prices Inflation Rate: 2019 $15 $30 d. Calculate the inflation rate between 2018 and 2019. CPI 2019: e. Consider again the above table. Using 2018 as the base year, calculate a consumer price index for each year. CPI 2018:

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a Calculate nominal GDP for each of these years Nominal GDP 2018 Good X 50 units x 10 500 Good Y 40 ... View the full answer