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Use the example we worked through in class to answer the question below Quantity of Price of Quantity of Price of Honey Year Milk

  

Use the example we worked through in class to answer the question below Quantity of Price of Quantity of Price of Honey Year Milk Milk (litres) Honey (litres) 2013 $1 100 $2 50 2014 1 200 2 100 2015 2 200 4 100 a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2013 as the base year (8 points) b. Compute the percentage change in nominal GDP and real GDP, in 2014 and 2015 from the preceding year. (2 points) c. Did economic well-being rise more in 2014 or 2015? Explain. (1 point)

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