1. In the country of Mieleche, the land of milk and honey, the price of honey has been increasing while the price of milk fluctuates. Year 2018 2019 2020 Price of Milk $1.00 $5.00 $3.00 Quantity of Milk 100 200 200 Price of Honey $2.00 $4.00 $5.00 a. What is the nominal GDP in 2018, 2019, and 2020? Quantity of Honey 50 100 100 b. What is the real GDP in 2018, 2019, 2020 using 2018 as the base year? c. How does GDP change from 2019 to 2020? What is the difference between using nominal GDP and real GDP? Why is or isn't there a difference?

1. In the country of Mieleche, the land of milk and honey, the price of honey has been increasing while the price of milk fluctuates. Year 2018 2019 2020 Price of Milk $1.00 $5.00 $3.00 Quantity of Milk 100 200 200 Price of Honey $2.00 $4.00 $5.00 a. What is the nominal GDP in 2018, 2019, and 2020? Quantity of Honey 50 100 100 b. What is the real GDP in 2018, 2019, 2020 using 2018 as the base year? c. How does GDP change from 2019 to 2020? What is the difference between using nominal GDP and real GDP? Why is or isn't there a difference?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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