Question
Erehwon is a country where the only products produced were A & B, over 3 years, 2013. 2014 & 2015. What was the Nominal GDP for 2013, 2014, & 2015? Using 2013 as your base year, what was the real GDP in 2014, & 2015? What was the GDP deflator for 2014?
Year Qty of A Price of A ($) Qty of B Price of B($)
2013 400 5 300 10
2014 500 6 250 12
2015 600 7 200 15
Year Qty of A Price of A ($) Qty of B Price of B($)
2013 400 5 300 10
2014 500 6 250 12
2015 600 7 200 15