ENTER THE FINAL ANSWER ONLY. NO WORKINGS, NO DOLLAR SIGN, JUST THE NUMBER USE ONE DECIMAL PLACE WHERE REQUIRED.
You are given the following data about 4 different goods produced in a country; orange juice, oranges (60% used in the production of orange juice), pens and scissors. The prices and quantities produced are given over a 2-year period.
Orange juice
Oranges
Pens
Scissors
a) If the base year is 2013, calculate the nominal GDP for
(i) 2013
(ii) 2014
b) If the base year is 2013, calculate the real GDP for
(i) 2013
(ii) 2014
c) If the base year is 2013, calculate the GDP deflator for
(i) 2013
(ii) 2014
2013
2014
Price
Quantity
Price
Quantity
$8.00
20
$9.00
23
$5.00
14
$5.00
16
$2.00
30
$2.25
35
$5.00
12
$5.50
11