Question: need help with this problem 2009 Quantity 2009 Price 2010 Quantity 2010 Price (base year) Food 6 $2.5 8 $ 2.5 Clothes U $6 10
need help with this problem

2009 Quantity 2009 Price 2010 Quantity 2010 Price (base year) Food 6 $2.5 8 $ 2.5 Clothes U $6 10 $10 Entertainment 2 $4 5 $ 5 1. (a) The outputs and prices of goods and services in Country X are shown in the table above. Assuming that 2009 is the base year, calculate each of the following.(2pts) (i) The nominal gross domestic product (GDP) in 2010 ii) The real GDP in 2010 (b) If in one year the price index is 50 and in the next year the price index is 55, what is the rate of inflation from one year to the next? (1pt) (c) Assume that next year's wage rate will be 3 percent higher than this year's because of inflationary expectations. The actual inflation rate is 4 percent. At the beginning of next year, will the real wage be higher, lower, or the same as today? (1pt) (d) Assume that Sara gets a fixed-rate loan from a bank when the expected inflation rate is 3 percent. If the actual inflation rate turns out to be 4 percent, who benefits from the unexpected inflation: Sara, the bank, neither, or both? Explain. (1pt)
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