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11 Dec 2019
the following table gives nominal and real gdp for an economy for two years.
Based on the table, in Year 2, the value of the GDP deflator is _____. The inflation rate between Year 1 and Year 2 is ______.
the following table gives nominal and real gdp for an economy for two years.
Based on the table, in Year 2, the value of the GDP deflator is _____. The inflation rate between Year 1 and Year 2 is ______.
Darryn D'SouzaLv10
8 Sep 2020
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The following table shows some data for an economy that produces only two goods: milk and honey.
| Year | Milk | Honey | ||
| Price | Quantity | Price | Quantity | |
| ($) | (Quarts) | ($) | (Quarts) | |
| 2016 | 1 | 200 | 2 | 100 |
| 2017 | 1 | 400 | 2 | 200 |
| 2018 | 2 | 400 | 4 | 200 |
The following table shows the Nominal GDP, Real GDP, and GDP Deflator for each year listed.
| Year | Nominal GDP | Real GDP | GDP Deflator |
| ($) | ($) | ||
| 2016 | 400 | 400 | 100 |
| 2017 | 800 | 800 | 100 |
| 2018 | 1600 | 800 | 200 |
Compute the % change in the Nominal GDP, Real GDP, and the GDP Deflator in 2017 and 2018 from the preceding year.
| Year | % Change in | ||
| Nominal GDP | Real GDP | GDP Deflator | |
| 2017 | |||
| 2018 | |||
From 2016 to 2017, _______ did not change; and from 2017 to 2018, ________ did not change.
Comparing the changes in 2017 and 2018, economic well-being increased more in _________
