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The table below gives the data for an economy. Price of a Table Quantities of Price of a Step Quantities of Step Tables Stool Stools 2018 $45 160 $20 520 2019 $42 180 $22 550 From the information given in the table above calculate the following: (Assume the base year is 2018) • Nominal GDP for 2018 and 2019 • Real GDP for 2018 and 2019 • GDP deflator for 2018 and 2019 Note: Make sure to show all the steps.

The table below gives the data for an economy. Price of a Table Quantities of Price of a Step Quantities of Step Tables Stool Stools 2018 $45 160 $20 520 2019 $42 180 $22 550 From the information given in the table above calculate the following: (Assume the base year is 2018) • Nominal GDP for 2018 and 2019 • Real GDP for 2018 and 2019 • GDP deflator for 2018 and 2019 Note: Make sure to show all the steps.

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Measuring A Nation's Income
Section: Chapter Questions
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The table below gives the data for an economy. Price of a Table Quantities of Tables Price of a Step Quantities of Step Stool Stools 2018 $45 160 $20 520 2019 $42 180 $22 550 From the information given in the table above calculate the following: (Assume the base year is 2018) • Nominal GDP for 2018 and 2019 Real GDP for 2018 and 2019 • GDP deflator for 2018 and 2019 Note: Make sure to show all the steps.
Transcribed Image Text:The table below gives the data for an economy. Price of a Table Quantities of Tables Price of a Step Quantities of Step Stool Stools 2018 $45 160 $20 520 2019 $42 180 $22 550 From the information given in the table above calculate the following: (Assume the base year is 2018) • Nominal GDP for 2018 and 2019 Real GDP for 2018 and 2019 • GDP deflator for 2018 and 2019 Note: Make sure to show all the steps.
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