Calculate the missing information in the table 1.1 taking into consideration that the base year is 2015. YEAR Price of Books Quantity of Books Price of Socks Quantity of Socks Nominal GDP Real GDP GDP Deflator 2015 10 120 12 200 3600 3600   2016 12 300 15 200 6600 5400   2017 14 275 18 180 7090 4910

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 19RQ: List some of the reasons why economists should not consider GDP an effective measure of the standard...
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Calculate the missing information in the table 1.1 taking into consideration that the base year is
2015.

YEAR Price of Books Quantity of Books Price of Socks Quantity of Socks Nominal GDP Real GDP GDP Deflator
2015 10 120 12 200 3600 3600  
2016 12 300 15 200 6600 5400  
2017 14 275 18 180 7090 4910  
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