For 2002 Kwakian economy had the following nominal quantities (in billions of dollars) and price indexes (1997 = 100) for each category of expenditure:
| |
nominal value |
Price Index |
| Consumption |
423.1 |
125.1 |
| Fixed investment |
112.0 |
111.0 |
| Government purchases |
165.8 |
123.2 |
| Exports |
180.4 |
100.9 |
| Imports |
186.7 |
97.2 |
| Change in inventories |
-3.28 |
111.0 |
a. Calculate the real quantity for each category (to one decimal point).
b. Calculate nominal and real GDP.
c. Find the implicit price deflator (1997 = 100).