Assume that there are three goods produced in an economy and they are

1.	Assume that there are three goods produced in an economy and they are sold at different prices in different years. Calculate GDP Deflator.ClothRiceEdible OilYearPriceQty.PriceQty.PriceQty.201416010252080520151901030201005
Answer» GDP Deflator = \(\frac{Nominal GDP}{Real GDP} \times 100\) = \(\frac{3000}{2500} \times 100 = 120\)

Assume that there are three goods produced in an economy and they are sold at different prices in different years. Calculate GDP Deflator.ClothRiceEdible OilYearPriceQty.PriceQty.PriceQty.201416010252080520151901030201005

Answer»

GDP Deflator = \(\frac{Nominal GDP}{Real GDP} \times 100\)

= \(\frac{3000}{2500} \times 100 = 120\)