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201… Show more Year Price of milk Qty of milk Price of hon

Paper help Economics 201… Show more Year Price of milk Qty of milk Price of hon

Economics

201… Show more Year Price of milk Qty of milk Price of hon

201… Show more Year Price of milk Qty of milk Price of honey Qty of honey 2010 $1 100 quarts $2 50 quarts 2011 $1 200 quarts $2 100 quarts 2012 $2 200 quarts $4 100 quarts A) compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year. B) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2011 and 2012 from the preceding year. For each year, identify the variable that does not change. Expalin in words, why this answer makes sense. C) Did economic well-being rise more in 2011 or 2012? Explain • Show less

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