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The country of Myrule has produced the following quantity of milk and butter, with the price of each listed in dollar terms. Quantities are in
The country of Myrule has produced the following quantity of milk and butter, with the price of each listed in dollar terms. Quantities are in gallons and prices are in dollars. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 $2 900 $3 Butter 2000 $1 3000 $2 In the space below, use the information in the Table above to and the following questions. Show all your work. [Each is 4 points] What is the percent growth in nominal GDP between Year 1 and Year 2? Using Year 1 and the base year, what is the percent change in real GDP between Year 1 and Year 2? Using Year 1 and the base year, what is the percent change in the GDP deflator between Year 1 and Year 2
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