Utopia produces only two goods: Coke and oil. In 2001 production reached 200 cans of Coke and 170 barrels of oil, with prices equal to 1 and 2 dollars respectively. The forecast for next year is 300 cans of coke and 130 barrels of oil  with an estimated price of 0.5 and 3 dollars respectively. Last, but not least, in order to produce 10 cans of coke one needs 1 barrel of oil. 
          a) What is the expected percentage change in nominal GDP? 
          b) What is the expected percentage change in real GDP? 
          c) What is the expected inflation rate?

a) Nominal GDP in 2001 is (200 x 1 ) + (170 x 2) = $540. Expected nominal GDP in 2002 is (300 x 0.5) + (130 x 3)  = $540. Hence, there is an expected decline of 0 percent.
b) Using 2001 as the base year, expected 2002 GDP is (300 x 1) + (130 x 2 ) = $560. So expected real GDP growth is 20/540 = 3.7 percent.
c) The expected inflation rate is given by the difference between the expected nominal GDP growth rate and the expected real GDP growth rate. That is, expected inflation is 0 percent - 3.7 percent = - 3.7 percent.
Note that your numbers will be different if you decided to use 2002 prices as the base year.