Year Units of Output Price Per Unit
1 3 $3
2 4 4
3 6 5
4 7 7
5 8 8
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are shown in the table. In determining real GDP, the nominal GDP for
each year must be multiplied by the relevant price index.
years 1 and 2 must be inflated.
years 4 and 5 must be inflated.
years 1 and 2 must be deflated.
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