A hypothetical economy produces only two items: maple syrup and trips to a local tourist attraction.Calculate nominal GDP,real GDP,and the GDP deflator,and fill in the corresponding columns in the following table:
$$\begin{array} { | l | l | l | l | l | l | l | l | }
\hline \text { Year } & \begin{array} { l }
\text { Price of } \
\text { Maple } \
\text { Syup }
\end{array} & \begin{array} { l }
\text { Price of } \
\text { Trips }
\end{array} & \begin{array} { l }
\text { Quantity } \
\text { af Maple } \
\text { Syrup }
\end{array} & \begin{array} { l }
\text { Number } \
\text { of Trips }
\end{array} & \begin{array} { l }
\text { Naminal } \
\text { GDP }
\end{array} & \begin{array} { l }
\text { Real } \
\text { GDP }
\end{array} & \begin{array} { l }
\text { GDP } \
\text { Deflatar }
\end{array} \
\hline 1 & \$ 11 & \$ 250 & 300 & 425 & & & \
\hline 2 & \$ 13 & \$ 258 & 310 & 570 & & & \
\hline 3 & \$ 12 & \$ 260 & 324 & 550 & & & \
\hline 4 & \$ 14 & \$ 262 & 410 & 580 & & & \
\hline
\end{array}$$

Question

A hypothetical economy produces only two items: maple syrup and trips to a local tourist attraction.Calculate nominal GDP,real GDP,and the GDP deflator,and fill in the corresponding columns in the following table:
 $$\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline \text { Year } & \begin{array} { l } 
\text { Price of } \
\text { Maple } \
\text { Syup }
\end{array} & \begin{array} { l } 
\text { Price of } \
\text { Trips }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { af Maple } \
\text { Syrup }
\end{array} & \begin{array} { l } 
\text { Number } \
\text { of Trips }
\end{array} & \begin{array} { l } 
\text { Naminal } \
\text { GDP }
\end{array} & \begin{array} { l } 
\text { Real } \
\text { GDP }
\end{array} & \begin{array} { l } 
\text { GDP } \
\text { Deflatar }
\end{array} \
\hline 1 & \$ 11 & \$ 250 & 300 & 425 & & & \
\hline 2 & \$ 13 & \$ 258 & 310 & 570 & & & \
\hline 3 & \$ 12 & \$ 260 & 324 & 550 & & & \
\hline 4 & \$ 14 & \$ 262 & 410 & 580 & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of A hypothetical economy produces only two items: maple syrup and trips to a local tourist attraction.Calculate nominal GDP,real GDP,and the GDP deflator,and fill in the corresponding columns in the following table:
 $$\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline \text { Year } & \begin{array} { l } 
\text { Price of } \
\text { Maple } \
\text { Syup }
\end{array} & \begin{array} { l } 
\text { Price of } \
\text { Trips }
\end{array} & \begin{array} { l } 
\text { Quantity } \
\text { af Maple } \
\text { Syrup }
\end{array} & \begin{array} { l } 
\text { Number } \
\text { of Trips }
\end{array} & \begin{array} { l } 
\text { Naminal } \
\text { GDP }
\end{array} & \begin{array} { l } 
\text { Real } \
\text { GDP }
\end{array} & \begin{array} { l } 
\text { GDP } \
\text { Deflatar }
\end{array} \
\hline 1 & \$ 11 & \$ 250 & 300 & 425 & & & \
\hline 2 & \$ 13 & \$ 258 & 310 & 570 & & & \
\hline 3 & \$ 12 & \$ 260 & 324 & 550 & & & \
\hline 4 & \$ 14 & \$ 262 & 410 & 580 & & & \
\hline
\end{array}$$

A Hypothetical Economy Produces Only Two Items: Maple Syrup and Trips