2. Below are some data from the land of milk and honey: Year Quantity of Milk (Quarts) Price of Quantity of (Quart: 50 Price of Milk Honey $2 2007 $1 100 2008 $1 200 $2 100 2009 $2 200 $4 100 Using 2009 as the base year: a. Compute nominal GDP for each year. b. Compute real GDP for each year. C. Compute the GDP deflator for each year.

2. Below are some data from the land of milk and honey: Year Quantity of Milk (Quarts) Price of Quantity of (Quart: 50 Price of Milk Honey $2 2007 $1 100 2008 $1 200 $2 100 2009 $2 200 $4 100 Using 2009 as the base year: a. Compute nominal GDP for each year. b. Compute real GDP for each year. C. Compute the GDP deflator for each year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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