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  3. consider an economy that only produces two goods strawberries...

Question: consider an economy that only produces two goods strawberries...

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@ Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute the nominal GDP, real GDP, the GDP deflator for each year, and the inflation rate. The year 2015 is the base year. SHOW ALL WORK.  

Year Price of strawberries (per pint) The number of strawberries (pints) Price of cream (per pint) The quantity of cream (pints)
2015 $3.00 100 $2.00 200
2016 $4.00 125 $2.50 400
2017 $5.00 150 $3.00 500

@ Define Gross Domestic Product and then list and define all of its components. BE SPECIFIC

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