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Use following data to answer following questions. A country produces only milk and honey. The base year is 2016. Year Price of Milk 2016 2017 -00 2018 $1 $2 $3 Quantity of Milk 100 Quarts 200 Quarts 200 Quarts Price of Honey $2 $2 $4 Quantity of Honey 50 Quarts 100 Quarts 100 Quarts

Use following data to answer following questions. A country produces only milk and honey. The base year is 2016. Year Price of Milk 2016 2017 -00 2018 $1 $2 $3 Quantity of Milk 100 Quarts 200 Quarts 200 Quarts Price of Honey $2 $2 $4 Quantity of Honey 50 Quarts 100 Quarts 100 Quarts

MACROECONOMICS FOR TODAY
MACROECONOMICS FOR TODAY
10th Edition
ISBN:9781337613057
Author:Tucker
Publisher:Tucker
Chapter5: Gross Domestic Product
Section: Chapter Questions
Problem 5SQ
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Use following data to answer following questions. A country produces only milk and honey. The base Year 2016 2017 2018 Price of Milk $1 $2 $3 Quantity of Milk 100 Quarts 200 Quarts 200 Quarts year is 2016. Price of Honey $2 $2 $4 Quantity of Honey 50 Quarts 100 Quarts 100 Quarts C):1 a. Calculate the nominal GDP for 2016, 2017 and 2018. b. Calculate real GDP for 2016, 2017, and 2018. c. Calculate growth rate of nominal and real GDP for 2017 and 2018. d. Are nominal and real GDPs same for a given year? Please explain. e. Calculate the inflation rates for 2017 and 2018 using GDP deflator method.
Transcribed Image Text:Use following data to answer following questions. A country produces only milk and honey. The base Year 2016 2017 2018 Price of Milk $1 $2 $3 Quantity of Milk 100 Quarts 200 Quarts 200 Quarts year is 2016. Price of Honey $2 $2 $4 Quantity of Honey 50 Quarts 100 Quarts 100 Quarts C):1 a. Calculate the nominal GDP for 2016, 2017 and 2018. b. Calculate real GDP for 2016, 2017, and 2018. c. Calculate growth rate of nominal and real GDP for 2017 and 2018. d. Are nominal and real GDPs same for a given year? Please explain. e. Calculate the inflation rates for 2017 and 2018 using GDP deflator method.
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