The following table shows some data for an economy that produces only two goods: milk and honey.
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Question:
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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