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31-05-2023
Business

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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
(Dollars)
(Quarts)
(Dollars)
(Quarts)
2020 1 100 2 50
2021 2 100 4 50
2022 2 200 4 100
Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.
Year
Nominal GDP
Real GDP
GDP Deflator
(Dollars)
(Dollars)
2020
2021
2022

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