Exhibit: Quantity Consumed and Price of Good

Base Year Later Year

Price of Good 100 200

Quantity of Good A 100 200

Price of good B 100 100

Quantity of good B 100 100

In the exhibit, the citizens of country XYZ come to desire more of good A. As a result, the quantity and price of the good both rise.

a. Compute nominal GDP in the base year and later year.

b. Compute real GDP in the base and later years (in base-year prices).

c. Compute the GDP deflator in the later year, using your answers to parts a and b.

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