Did economic well being rise more

Reference no: EM13187903

Below are some data from the land of milk and honey:
Year Price of Milk Qty of Mlik (quarts) Price of Honey Qty of Honey (quarts)
2005 $1 100 $2 50
2006 $1 200 $2 100
2007 $2 200 $4 100
(a) Computer nominal GDP, real GDP, and the GDP Deflator for each year using 2005 as base year
(b) Compute the percentage change in nominal GDP, real GDP, and the GDP Deflator in 2006 and 2007
from the perceeding year. For each year, identify the variable that does not change. Explain in your words
why your answer make sense.
(c ) Did economic well being rise more in 2006 or 2007? Explain.

Reference no: EM13187903

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