The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars) 1 1 Milk 2 Quantity (Quarts) 200 400 400 Honey Price (Dollars) 2 2 4 Quantity (Quarts) 100 200 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator
The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars) 1 1 Milk 2 Quantity (Quarts) 200 400 400 Honey Price (Dollars) 2 2 4 Quantity (Quarts) 100 200 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP (Dollars) (Dollars) GDP Deflator
Brief Principles of Macroeconomics (MindTap Course List)
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ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
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100%
![1. GDP
Computations
The following table shows some data for an economy that produces only two goods: milk and honey.
Price
Year (Dollars)
2020
1
1
2
2021
2022
2. Percentage
Changes
Milk
Year
2020
2021
2022
Quantity Price
(Quarts)
200
400
400
(Dollars)
2
2
Honey
4
Quantity
(Quarts)
100
200
200
STEP: 1 of 2
Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.
Nominal GDP Real GDP
(Dollars)
(Dollars) GDP Deflator](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52bd3cfe-3c9b-40ce-8732-3b0b81ba9280%2F39a3b7d7-8ea4-4db1-a66c-8dc3a6db6484%2Ft060o4d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. GDP
Computations
The following table shows some data for an economy that produces only two goods: milk and honey.
Price
Year (Dollars)
2020
1
1
2
2021
2022
2. Percentage
Changes
Milk
Year
2020
2021
2022
Quantity Price
(Quarts)
200
400
400
(Dollars)
2
2
Honey
4
Quantity
(Quarts)
100
200
200
STEP: 1 of 2
Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.
Nominal GDP Real GDP
(Dollars)
(Dollars) GDP Deflator
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