The Next Four Questions Refer to the Following Price and Output

question 24

Essay

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.

---

Definitions:

Too Much Pressure

A condition in which an individual faces excessive demands or stresses from work or other responsibilities.

Sources of Satisfaction

Factors or elements that contribute to an individual's happiness and contentment in the workplace, such as job security, salary, work-life balance, and recognition.

Opposite of Overload

Underload, which occurs when an individual has insufficient work or too few challenges, leading to boredom or lack of engagement.

Tension

Psychological or physical strain and stress that can result from various factors in the work environment or personal life, affecting individual well-being and performance.