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Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitre) Cheese (kg) 2 6 7 66 Using year 1 as the base year, the 63 35% increase in nominal GDP may be explained by a % increase in real GDP and a % increase in prices (Round your responses to two decimal places)

Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitre) Cheese (kg) 2 6 7 66 Using year 1 as the base year, the 63 35% increase in nominal GDP may be explained by a % increase in real GDP and a % increase in prices (Round your responses to two decimal places)

ECON MACRO
ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.2P
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Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitro) Cheese (S/kg) 6 7 66 3 Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices (Round your responses to two decimal places)
Transcribed Image Text:Consider the following data for a hypothetical economy that produces two goods, milk and cheese. Quantity Produced Mak (litres) Cheese (kg) 110 121 Year 1 Year 2 Prices Milk (Slitro) Cheese (S/kg) 6 7 66 3 Using year 1 as the base year, the 53 35% increase in nominal GDP may be explained by a % increase in real GDP and a 1% increase in prices (Round your responses to two decimal places)
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