Question: Question 4 (11 marks) Use the data in the table below to complete the tasks for this question. Data for 2020 (Base Year) Data for

Question 4 (11 marks)

Use the data in the table below to complete the tasks for this question.

Data for 2020 (Base Year)

Data for 2021

Quantity

Price

Quantity

Price

Rice

950

3.50

880

4.00

Apples

500

2.10

500

2.80

Computers

2000

750

3000

750

Bus

250

36,000

240

38,000

  1. Calculate Nominal GDP for 2020 and 2021. Show your working. 2 marks
  2. Calculate Real GDP for 2020 and 2021. Show your working. 2 marks
  3. Calculate the GDP Deflator 2021. Show your working. 2 marks
  4. State and explain 2 limitations of GDP as a measure of economic wellbeing. 5 marks

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