QUESTION 1(a)The table above shows the output of goods and services in a simple economy over a three- year period i. Calculate nominal Gross Domestic Product (GDP) in 2009, 2010, and 2011 ii. Using...

QUESTION 1
(a)The table above shows the output of goods and services in a simple economy over a three- year  period

i. Calculate nominal Gross Domestic Product (GDP) in 2009, 2010, and 2011

ii. Using 2009 as your base year, calculate real GDP in 2009, 2010, and 2011.

iii. Calculate the GDP deflator for 2009, 2010, and 2011.

Extracted text: Quantity of Food Price of Clothing Quantity of Clothing Year Price of Food 2009 (base year) $2 1 $1 2 2010 $4 $4 S2 2 2011 $2