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September 15, 2014

September 15, 2014

Posted by **marc** on Tuesday, October 11, 2011 at 7:39am.

Units of Price

Year output per unit

1 16 $2

2 20 3

3 30 4

4 36 5

5 40 6

(a) If year 2 is the base year, give the price index for year 3.

(b) Give the nominal GDP for year 4.

(c) What is the real GDP for year 4?

(d) Tell which years you would deflate nominal GDP and which years you would inflate nominal GDP in finding real GDP.

- macroeconomics -
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