Using the data in the table below, please calculate a) Nominal and Real GDP for each...

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Using the data in the table below, please calculate a) Nominal and Real GDP for each year b) Price deflator for each year c) Inflation rate for 2021. Year 2020 2021 Price 1200 1250 Cars Quantity Price 9 10 4 3 T-shirts Quantity 10 8 Using the data in the table below, please calculate a) Nominal and Real GDP for each year b) Price deflator for each year c) Inflation rate for 2021. Year 2020 2021 Price 1200 1250 Cars Quantity Price 9 10 4 3 T-shirts Quantity 10 8

Answer rating: 100% (QA)

a To calculate the nominal GDP for each year we need to multiply the quantity of each good produce... View the full answer