3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data below Compute the % change in Nominal GDP, Real GDP, and the Deflator Did economic well-being increase more in 2021 or 2022? Prince Qty $ Milk Milk GDP Nominal Price$ Qty Year Nominal Real GDP % Honey Honey GDP GDP Deflator change 2020 1 100 2 50 2021 1 200 2 100 2022 200 4 100
3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data below Compute the % change in Nominal GDP, Real GDP, and the Deflator Did economic well-being increase more in 2021 or 2022? Prince Qty $ Milk Milk GDP Nominal Price$ Qty Year Nominal Real GDP % Honey Honey GDP GDP Deflator change 2020 1 100 2 50 2021 1 200 2 100 2022 200 4 100
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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