Percentage change in nominal gdp

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Reference no: EM1312213

Q1. Twenty years ago a stove cost $300 also a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is true?

Q2. Below are some data from the land of milk & honey.

Year Price of Quantity of Price of Quantity of
Milk Milk (quartz) Honey Honey (quartz)
2001 $1 100 $2 50
2002 1 200 2 100
2003 2 200 4 100

b) Calculate the percentage change in nominal GDP, real GDP also the GDP deflator in 2002 also 2003 from the preceding year. For every year, identify the variable that does not change. Elucidate in words why your answer makes sense.

Reference no: EM1312213

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