3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data belowCompute the % change in Nominal GDP, Real GDP, and the DeflatorDid economic well-being increase more in 2021 or 2022?Nominal Price$Milk GDPYear PrinceRealQtyHoney HoneyQtyNominalGDP%$ MilkGDPGDPDeflator change20201100250202112002100202222004100a. Calculating nominal GDP: show formulas and plug in numbers, and write in chart aboveb. Calculating real GDP (base year 2020): show formulas and plug in numbers, and write inchart abovec. Calculating the GDP deflator: show formulas and plug in numbers, and write in chart above

Nominal GDP is current year GDP. Real GDP is constant year GDP.

3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data below Compute the % change in Nominal GDP, Real GDP, and the Deflator Did economic well-being increase more in 2021 or 2022? Prince Qty $ Milk Milk GDP Nominal Price$ Qty Year Nominal Real GDP % Honey Honey GDP GDP Deflator change 2020 1 100 2 50 2021 1 200 2 100 2022 200 4 100

3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data below Compute the % change in Nominal GDP, Real GDP, and the Deflator Did economic well-being increase more in 2021 or 2022? Prince Qty $ Milk Milk GDP Nominal Price$ Qty Year Nominal Real GDP % Honey Honey GDP GDP Deflator change 2020 1 100 2 50 2021 1 200 2 100 2022 200 4 100

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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