Answer One Question

In 2019, the nation produced 1000 coffees that were sold for $4 each, and produced 500 pizzas that were sold for $8 each.
In 2020, the nation produced 1200 coffees that were sold for $5 each, and produced 600 pizzas that were sold for $10 each.
Answer the following questions based on this information related to the nation’s gross domestic product or GDP.
a. Calculate nominal GDP in 2019 and nominal GDP in 2020 for this nation.
b. Assuming 2019 as base year, calculate real GDP in 2019 and real GDP in 2020 for this nation.
c. Calculate GDP deflator in 2019 and GDP deflator in 2020.
d. Calculate the inflation rate from 2019 to 2020.