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Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of Quantity of orange beach Year oranges ($) balls ($) beach ball Nominal GDP Real GDP ($) ($) Inflation GDP deflator rate (%) 2016 700 1.50 800 5.00 2017 700 1.00 950 7.50 2018 650 1.75 1400 8.75

Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of Quantity of orange beach Year oranges ($) balls ($) beach ball Nominal GDP Real GDP ($) ($) Inflation GDP deflator rate (%) 2016 700 1.50 800 5.00 2017 700 1.00 950 7.50 2018 650 1.75 1400 8.75

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 5PA
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Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of Quantity of orange beach Year oranges ($) balls ($) beach ball Nominal GDP Real GDP ($) ($) Inflation GDP deflator rate (%) 2016 700 1.50 800 5.00 2017 700 1.00 950 7.50 2018 650 1.75 1400 8.75
Transcribed Image Text:Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of Quantity of orange beach Year oranges ($) balls ($) beach ball Nominal GDP Real GDP ($) ($) Inflation GDP deflator rate (%) 2016 700 1.50 800 5.00 2017 700 1.00 950 7.50 2018 650 1.75 1400 8.75
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