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(Solved): A. Calculate nominal GDP, real GDP and GDP deflator in 2019 and 2020 using 2018 as the base year. D ...
A. Calculate nominal GDP, real GDP and GDP deflator in 2019 and 2020 using 2018 as the base year. Describe the calculation procedure in detail. B. Identify the three limitations of using GDP as the only standard to measure a country's quality of life.
Expert Answer
A. Nominal gdp= sum of (price of current year x quantity of current year) Nominal GDP 2