The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good.Assume that year 2 is the base year. 
(a) If year 2 is the base year, give the price index for year 3.(b) Give the nominal GDP for year 4.(c) What is the real GDP for year 4?
(d) Tell which years you would deflate nominal GDP and which years you would inflate nominal GDP in finding real GDP.
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Legal Detriment
A loss or disadvantage that occurs to one party in a contract, considered a necessary component for a valid contractual agreement.
UCC
Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.
Seal
A device used to impress or mark documents as a form of authentication or to signify agreement.
Charitable Pledges
Promises or commitments to donate a specific amount of money to a charity or for a philanthropic cause.
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