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 The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Dollars) 2020 400 400 100 2021 800 800 100 2022 1,600 800 200 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Year Percentage Change In... NOMINAL GDP Real GDP GDP Deflator 2021 2022 From 2020 to 2021, (OUTPUT LEVELS/ PRICES) did not change; and from 2021 to 2022, (OUTPUT LEVELS/ PRICES) did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in .(2022 /2021)
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 The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Year Nominal GDP Real GDP GDP Deflator (Dollars) (Dollars) 2020 400 400 100 2021 800 800 100 2022 1,600 800 200 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Year Percentage Change In... NOMINAL GDP Real GDP GDP Deflator 2021 2022 From 2020 to 2021, (OUTPUT LEVELS/ PRICES) did not change; and from 2021 to 2022, (OUTPUT LEVELS/ PRICES) did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in .(2022 /2021)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Measuring A Nation's Income
Section: Chapter Questions
Problem 4PA
Related questions
Question
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 |
The following table shows nominal GDP , real GDP, and the GDP deflator for each year listed.
Year
|
Nominal GDP
|
Real GDP
|
GDP Deflator
|
---|---|---|---|
(Dollars)
|
(Dollars)
|
||
2020 | 400 | 400 | 100 |
2021 | 800 | 800 | 100 |
2022 | 1,600 | 800 | 200 |
Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year.
Year
|
|
Percentage Change In...
|
||
---|---|---|---|---|
NOMINAL GDP |
Real GDP
|
GDP Deflator
|
||
2021 |
|
|
|
|
2022 |
|
|
|
|
From 2020 to 2021, (OUTPUT LEVELS/ PRICES) did not change; and from 2021 to 2022, (OUTPUT LEVELS/ PRICES) did not change.
Comparing the changes in 2021 and 2022, economic well-being increased more in .(2022 /2021)
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