Question 2 (2 marks): Suppose that firms in an economy produce only two different goods. The following table shows the p

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Question 2 (2 marks): Suppose that firms in an economy produce only two different goods. The following table shows the p

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Question 2 2 Marks Suppose That Firms In An Economy Produce Only Two Different Goods The Following Table Shows The P 1
Question 2 2 Marks Suppose That Firms In An Economy Produce Only Two Different Goods The Following Table Shows The P 1 (56.68 KiB) Viewed 10 times
Question 2 (2 marks): Suppose that firms in an economy produce only two different goods. The following table shows the prices and quantities of each good produced in 2016 and 2017. Fish Year 2016 2017 Quantity 40 55 Price 7 8 Quantity 25 50 Pork Price 8 7 a. Calculate nominal and real GDP in each of the two years using 2016 as the base year. b. Calculate the GDP deflator and inflation rate between the two years. Does which year you choose as a base year matter?
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