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Please show all your work Suppose the data below represents the production of final goods for the economy of Vlad-land where the table shows the production of goods and their prices for Years

Please show all your work Suppose the data below represents the production of final goods for the economy of Vlad-land, where the table shows the production of goods and their prices for Years 1 and 2:Base Balls Gatorade Pb Qb Pg Year 1 $10.00 100$4.00500 Year 2 S9.50 120$4.40 450 Calculate nominal GDP for each year. Calculate the percentage growth rate of nominal GDP. [3] Calculate real GDP for each year using Year 1 as the base year. Calculate its growth rate. [3] Calculate the GDP deflator for each year and the inflation rate in the GDP deflator. Briefly explain the relationship between the inflation rate and the growth rates of nominal and real GDP. [4]

Apr 02 2020 View more View Less

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