Consider a simple economy that produces two goods: plastic cups and donuts. The following table shows the prices and quantities of the goods ov three-year period. Plastic cups Donuts Price Quantity Price Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per donut) Quantity (Number of donuts) 2020 2 275 1 - 170 2021 4 155 2 200 2022 2 120 2 160 Use the information from the preceding table to fill in the following table. Year 2020 Nominal GDP (Dollars) Real GDP (Base year 2020, dollars) GDP Deflator 2021 2022 From 2021 to 2022, nominal GDP and real GDP
Consider a simple economy that produces two goods: plastic cups and donuts. The following table shows the prices and quantities of the goods ov three-year period. Plastic cups Donuts Price Quantity Price Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per donut) Quantity (Number of donuts) 2020 2 275 1 - 170 2021 4 155 2 200 2022 2 120 2 160 Use the information from the preceding table to fill in the following table. Year 2020 Nominal GDP (Dollars) Real GDP (Base year 2020, dollars) GDP Deflator 2021 2022 From 2021 to 2022, nominal GDP and real GDP
ChapterA: Working With Diagrams
Section: Chapter Questions
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