Q1: Refer to Table 5.1. Assume that this economy produces only two goods: Good X and Good Y. If year 1 is the base year, the value for this economy’s GDP Deflator in year 2 is:
Q2:
Q3:
Q4: Refer to Table 5.2. Suppose this economy produces only the three goods A, B, and C. If we use year 1 as the base year, then real GDP in year 2 is:
Q5:
Refer to Table 5.4. Assume that this economy produces only two goods: Good X and Good Y. If year 1 is the base year, the value for this economy’s GDP Deflator in year 3 is:
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