For 2002, the Kwakian economy had the following nominal quantities (in billions of dollars) and price indexes(1997 = 100) for each category of expenditure:
?
a. Calculate the real quantity for each category (to one decimal point).
b. Calculate nominal and real GDP.
c. Find the implicit price deflator (1997 = 100)

Question

For 2002, the Kwakian economy had the following nominal quantities (in billions of dollars) and price indexes(1997 = 100) for each category of expenditure:
?  
a. Calculate the real quantity for each category (to one decimal point).
b. Calculate nominal and real GDP.
c. Find the implicit price deflator (1997 = 100)

Quizplus · Accepted Answer

The Answer of For 2002, the Kwakian economy had the following nominal quantities (in billions of dollars) and price indexes(1997 = 100) for each category of expenditure:
?  
a. Calculate the real quantity for each category (to one decimal point).
b. Calculate nominal and real GDP.
c. Find the implicit price deflator (1997 = 100)

For 2002, the Kwakian Economy Had the Following Nominal Quantities