Revise Core chapter 1.2 for the next four questions. Do not include the dollar signFruitland has a very simple economy: it produces just apples and oranges. It has noApplesOrangesQuantity in year 1Price in year IQuantity in year 2Price in year 250100$1.00$0.8080120$1.25$1.60Hence calculate to one decimal place the percentage change in the GDP deflator between period 1 and period 2.Do not include the percentage sign in your answer!Answer:

The formula for GDP Deflator is GDP Deflator = (Nominal GDP/Real GDP) * 100 Percentage in GDP…

Answered: Hence calculate to one decimal place…

Hence calculate to one decimal place the percentage change in the GDP deflator between period 1 and period 2. Do not include the percentage sign in your answer!

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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