The following table shows some data for an economy that produces only two goods: milk and honey. Year Milk Honey Price Quantity Price Quantity (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 2 100 2021 1 400 2 200 2022 2 400 4 200     Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Dollars) 2020       2021       2022

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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The following table shows some data for an economy that produces only two goods: milk and honey.
Year
Milk
Honey
Price
Quantity
Price
Quantity
(Dollars)
(Quarts)
(Dollars)
(Quarts)
2020 1 200 2 100
2021 1 400 2 200
2022 2 400 4 200
 
 
Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.
Year
Nominal GDP
Real GDP
GDP Deflator
(Dollars)
(Dollars)
2020
 
 
 
2021
 
 
 
2022
 
 
 
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