price of quantity of honey 2,500 price of quantity year milk of milk honey 2010 $2.00 15,000 $5.00 2011 $2.15 16,250 $5.50 2,450 2012 $2.40 16,300 $6.00 2,550
price of quantity of honey 2,500 price of quantity year milk of milk honey 2010 $2.00 15,000 $5.00 2011 $2.15 16,250 $5.50 2,450 2012 $2.40 16,300 $6.00 2,550
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Below are some data from the productions of milk and honey.
a) Compute nominal
b) Compute the percentage change (growth rate) in nominal GDP, real GDP, and the GDP deflator in 2011 and in 2012 from the preceding year.
Transcribed Image Text:price of quantity
price of
quantity
year
milk
of milk
honey
$5.00
of honey
2010
$2.00
15,000
2,500
2011
$2.15
16,250
$5.50
2,450
2012
$2.40
16,300
$6.00
2,550
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Follow-up Question
Below are some data from the productions of milk and honey.
a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year.
b) Compute the percentage change (growth rate) in nominal GDP, real GDP, and the GDP deflator in 2011 and in 2012 from the preceding year.
Transcribed Image Text:price of quantity
price of
quantity
year
milk
of milk
honey
$5.00
of honey
2010
$2.00
15,000
2,500
2011
$2.15
16,250
$5.50
2,450
2012
$2.40
16,300
$6.00
2,550
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