Question

consider an economy that produces only chocolate bars. in year 1, the quantity produced is 3 bars and the price is $4. in year 2, the quantity produced is 4 bars and the price is $5. in year 3, the quantity produced is 5 bars and the price is $6. year 1 is the base year.
what is the percentage growth rate of real gdp from year 2 to year 3? (
1) e. what is the inflation rate as measured by the gdp deflator from year 2 to year 3?
(1) f. in this one-good economy, how might you have answered parts (d) and (e) without first answering parts (b) and (c)?​

Answer 1

Answer:

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