Explain in words why your answer makes sense

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Reference no: EM1351767

Below are some data from the land of milk and honey.

year/price of milk/quantity of milk/price of honey/quantity of honey
2008 $1 100 quarts $2 50 quarts
2009 $1 200 quarts $2 100
2010 $2 200 quarts $4 100

a) Calculate the percentage change in nominal GDP, real GDP and the GDP deflator in 2009 and 2010 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.

Reference no: EM1351767

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