For Each of the Following Values of Nominal GDP and Real

question 335

Essay

For each of the following values of nominal GDP and real GDP, calculate the GDP price deflator.
a) Nominal GDP = $600; real GDP = $800.
b) Nominal GDP = $900; real GDP = $900.
c) Nominal GDP = $1,200; real GDP = $1,000

---

Definitions:

Goods

Items that are produced for sale or use, often tangible commodities.

Intermittent Process

A production process characterized by irregular or non-continuous production runs, often used for custom jobs or products with variable demand.

Job Shop

A manufacturing operation that produces small batches of customized products, each requiring a unique set-up and workflow.

Repetitive Process

A manufacturing process in which the same product or service is produced in a sequence of steps repeatedly.