Question: Using the table below: 1. Calculate nominal and real GDP in 2015 assuming the base year is 2015. 2. Calculate nominal and real GDP in

Using the table below:

2015 2017 Quantity Price Quantity Price TVs 50 $5 60 $6 Transportation 

1. Calculate nominal and real GDP in 2015 assuming the base year is 2015.

2. Calculate nominal and real GDP in 2017 assuming the base year is 2015.

3. Calculate the GDP deflator for the year 2017.

2015 2017 Quantity Price Quantity Price TVs 50 $5 60 $6 Transportation 25 7.5 20 10 Cheese 100 20 105 20

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