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Problem 1. Consider an economy that produces only chocolate bars.
In year 1, the quantity produced is 3 bars and the price is $10.
In year 2, the quantity produced is 4 bars and the price is $12.
In year 3, the quantity produced is 5 bars and the price is $14.
Year 1 is the base year.
Calculate Nominal GDP, Real GDP and GDP deflator for all three years.
Problem 2. Below are some data from the land of milk and honey.
Year
Price of Milk
Quantity of Milk
Price of Honey
Quantity of Honey
2010
$1
100 quarts
$2
50 quarts
2011
$1.5
300
100
2012
500
$4
a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2010 as the base year.
b. Calculate the percentage change in the real GDP between yea 2011 and 2012.
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