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(Solved): Use the following table to answer the questions that follow: Calculate nominal GDP, real GDP (using ...
Use the following table to answer the questions that follow: Calculate nominal GDP, real GDP (using 2018 as the base year), the GDP Deflator, and Consumer Price Index (CPI) (using 200 apples and 100 bananas as the fixed basket of goods) for all three years. Round answers to two places after the decimal where necessary.
Expert Answer
Please upvote ???? if you like my answer. (1). Nominal GDP. If we rearrange the data, it can be written as ; Year. Apple(P) Apple (Q) Banana(P) Banana(Q