A country produces milk and butter, and it has published the following macroeconomic data. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 2 900 3 Butter 2000 1 3000 2 Between Year 1 and Year 2, the percent change in real GDP (based on Year 1 as a base year) was A) 58%. B) 60%. C) 130%. D) 190%.

A country produces milk and butter, and it has published the following macroeconomic data. Year 1 Year 2 Good Quantity Price Quantity Price Milk 500 2 900 3 Butter 2000 1 3000 2 Between Year 1 and Year 2, the percent change in real GDP (based on Year 1 as a base year) was A) 58%. B) 60%. C) 130%. D) 190%.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 7QR

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