a)  Compute the nominal GDP in 2018. b)  Compute the real GDP in 2018? c) Compute the nominal GDP in 2019.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 35P: With in 1 or 2 percentage points, what has the U.S. inflation rate been during the last 20 years?...
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a)  Compute the nominal GDP in 2018.
b)  Compute the real GDP in 2018?
c) Compute the nominal GDP in 2019.

Year
Price of Tea Qty of Tea Price of Shoes Qty
of
Shoes
2018
Php10
200
Php100
50
2019
Php11
200
Php110
50
Note: **base year is 2018
Transcribed Image Text:Year Price of Tea Qty of Tea Price of Shoes Qty of Shoes 2018 Php10 200 Php100 50 2019 Php11 200 Php110 50 Note: **base year is 2018
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