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Below are some data from the land of milk and honey. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2014
Below are some data from the land of milk and honey.
Year | Price of Milk | Quantity of Milk | Price of Honey | Quantity of Honey |
2014 | $1 | 100 | $2 | 50 |
2015 | $2 | 200 | $3 | 100 |
2016 | $3 | 300 | $4 | 150 |
- Compute Nominal GDP for each year.
- Compute Real GDP for each year.
- Compute the GDP Deflator for each year.
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