Question: Please answer the following: 5. The data below shows the total output and the prices of each product for the distant country of Vindaloo. 2018

Please answer the following:

5. The data below shows the total output and the prices of each product for the distant country of Vindaloo. 2018 2019 2020 Qty Prices Nominal Qty Prices Nominal Real Qty Prices Nominal Real GDP GDP GDP GDP GDP Hot dogs 50 2 100 55 2.40 58 2.50 Sneakers 10 12 120 12 13 14 13.50 Tractors 3 100 300 95 4 110 Streetlights 4 50 200 4 60 5 70 TOTALS a. Complete the table and answer the questions: b. What is the annual growth rate of nominal GDP from : 2018 to 2019: 2019 to 2020: c. What is the annual growth rate of real GDP in : 2018 to 2019: 2019 to 2020: d. What is the approximate % increase/decrease in price level between 2019 and 2020

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