Below are some data from the land of milk and honey.
|
Year
|
Price of Milk ($)
|
Quantity of Milk (Quarts)
|
Price of Honey ($)
|
Quantity of Honey (Quarts)
|
|
2005
|
1
|
100
|
2
|
50
|
|
2006
|
1
|
200
|
2
|
100
|
|
2007
|
2
|
200
|
4
|
100
|
a. Compute nominal GDP, real GDP and the GDP price index for each year, using 2005 as the base year.