Etruria produces only two products: tennis racquets and tennis balls.Data on their production are shown in the following table:
Based on this data and using 2015 as the base year,answer the following questions:
a)What is the value of nominal GDP in 2016?
b)What is the value of real GDP in 2016?
c)What is the value of real GDP in 2017?
d)What is the value of the GDP deflator in 2016?
e)What is the value of the GDP deflator in 2017?
Correct Answer:
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