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1. Quick quiz
2. Problems and applications

본문내용

In 2016 to 2017, there’s no difference in price. Thus GDP deflator in those period didn’t change at all.
In 2017 to 2018, there’s no difference in quantity. Therefore, real GDP keeps same level in those period.

c. Economic well-being increased more in 2017. Because real GDP has increased and price keeps same level in 2017. In 2018, however, real GDP got no difference, and only price rose.

6. a. Nominal GDP is simple multiply of that year’s price and that year’s quantity. Thus nominal GDP in year 1 is 12$, in year 2 is 20$, and in year 3 is 30$.
b. Real GDP is calculated by the multiply of base year price and quantity of that year. Thus real GDP in year 1 is 12$, I year 2 is 16$, and in year 3 is 20$.
c. GDP deflator is calculated like the picture below.

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