Compute the percentage change in nominal gdp real gdp and, Ask an Expert

Economics

Below are some data from the land of milk and honey.

year/price of milk/quantity of milk/price of honey/quantity of honey
2008 $1 100 quarts $2 50 quarts
2009 $1 200 quarts $2 100
2010 $2 200 quarts $4 100

a) compute the percentage change in nominal GDP, real GDP and the GDP deflator in 2009 and 2010 from the preceding year. For each year, identify the variable that does not change. describe in words why your answer makes sense.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M964033

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